Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 11, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'TREMOR VIDEO INC. | ' |
Entity Central Index Key | '0001375796 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 49,657,777 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $96,258 | $32,533 |
Restricted cash, short-term | ' | 21 |
Accounts receivable, net of allowance for doubtful accounts of $960 and $1,050 as of September 30, 2013 and December 31, 2012, respectively | 39,413 | 36,011 |
Prepaid expenses and other current assets | 1,801 | 953 |
Total current assets | 137,472 | 69,518 |
Long-term assets: | ' | ' |
Restricted cash, long-term | 600 | 1,200 |
Property and equipment, net of accumulated depreciation of $3,342 and $3,077 as of September 30, 2013 and December 31, 2012, respectively | 2,833 | 1,995 |
Intangible assets, net of accumulated amortization of $13,972 and $10,315 as of September 30, 2013 and December 31, 2012, respectively | 21,728 | 25,385 |
Goodwill | 29,719 | 29,719 |
Deferred tax assets, long-term | 1,695 | 1,695 |
Other long-term assets | 198 | 211 |
Total long-term assets | 56,773 | 60,205 |
Total assets | 194,245 | 129,723 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 30,092 | 21,075 |
Deferred rent and security deposits payable | 746 | 627 |
Deferred revenue | 194 | 210 |
Deferred tax liabilities, short-term | 1,695 | 1,695 |
Amount outstanding under credit facility and accrued interest expenses | ' | 6,019 |
Total current liabilities | 32,727 | 29,626 |
Warrants for purchase of mandatorily redeemable convertible preferred stock | ' | 1,103 |
Total liabilities | 32,727 | 30,729 |
Commitments and contingencies | ' | ' |
Mandatorily redeemable convertible preferred stock | ' | 162,466 |
Stockholders' equity (deficit): | ' | ' |
Additional paid-in capital | 266,362 | 17,752 |
Accumulated other comprehensive income | 245 | 345 |
Accumulated deficit | -105,094 | -81,570 |
Total stockholders' equity (deficit) | 161,518 | -63,472 |
Total liabilities, mandatorily redeemable securities and stockholders' equity (deficit) | 194,245 | 129,723 |
Common stock | ' | ' |
Stockholders' equity (deficit): | ' | ' |
Common stock | 5 | 1 |
Series II common stock | ' | ' |
Stockholders' equity (deficit): | ' | ' |
Common stock | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $960 | $1,050 |
Property and equipment, accumulated depreciation | 3,342 | 3,077 |
Intangible assets, accumulated amortization | $13,972 | $10,315 |
Common stock, par value (in dollars per share) | ' | $0.00 |
Common stock, shares authorized | 250,000,000 | 52,333,333 |
Common stock, shares outstanding | 49,638,808 | 7,722,262 |
Common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 52,333,333 |
Common stock, shares issued | 49,638,808 | 7,722,262 |
Common stock, shares outstanding | 49,638,808 | 7,722,262 |
Series II common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 2,333,333 | 2,333,333 |
Common stock, shares issued | 1,047,357 | 1,047,357 |
Common stock, shares outstanding | 1,047,357 | 1,047,357 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Operations | ' | ' | ' | ' |
Revenue | $35,267 | $30,174 | $95,497 | $72,652 |
Cost of revenue | 21,057 | 16,704 | 53,869 | 43,453 |
Gross profit | 14,210 | 13,470 | 41,628 | 29,199 |
Operating expenses: | ' | ' | ' | ' |
Technology and development | 2,833 | 2,215 | 8,348 | 5,862 |
Sales and marketing | 9,477 | 8,869 | 28,263 | 26,079 |
General and administrative | 2,681 | 2,461 | 8,069 | 7,991 |
Depreciation and amortization | 1,581 | 1,510 | 4,576 | 4,468 |
Total operating expenses | 16,572 | 15,055 | 49,256 | 44,400 |
Loss from operations | -2,362 | -1,585 | -7,628 | -15,201 |
Interest and other income (expense): | ' | ' | ' | ' |
Interest expense | -14 | -57 | -127 | -169 |
Other income (expense) | 153 | 37 | 323 | -2 |
Total interest and other income (expense), net | 139 | -20 | 196 | -171 |
Loss before income taxes | -2,223 | -1,605 | -7,432 | -15,372 |
Income tax expense | -20 | -70 | -243 | -210 |
Net loss | -2,243 | -1,675 | -7,675 | -15,582 |
Series F preferred stock deemed dividend | -15,849 | ' | -15,849 | ' |
Net loss attributable to common stockholders | ($18,092) | ($1,675) | ($23,524) | ($15,582) |
Net loss attributable to common stockholders per share: | ' | ' | ' | ' |
Basic and diluted (in dollars per share) | ($0.37) | ($0.22) | ($1.08) | ($2.09) |
Weighted average number of shares of common stock outstanding: | ' | ' | ' | ' |
Basic and diluted (in shares) | 49,115,766 | 7,541,832 | 21,686,759 | 7,440,430 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Loss | ' | ' | ' | ' |
Net loss | ($2,243) | ($1,675) | ($7,675) | ($15,582) |
Series F preferred stock deemed dividend | -15,849 | ' | -15,849 | ' |
Net loss attributable to common stockholders | -18,092 | -1,675 | -23,524 | -15,582 |
Other comprehensive loss: | ' | ' | ' | ' |
Change in unrealized gain during the period on short-term investments available for sale | ' | ' | ' | 7 |
Foreign currency translation adjustments | 50 | -25 | -100 | -36 |
Comprehensive loss attributable to common stockholders | ($18,042) | ($1,700) | ($23,624) | ($15,611) |
Consolidated_Statements_of_Man
Consolidated Statements of Mandatorily Redeemable Convertible Preferred Stock and Changes in Stockholders' Equity (Deficit) (USD $) | Total | Preferred Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated Deficit | |||
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | Series F | USD ($) | Series F | USD ($) | USD ($) | Series F | |||
USD ($) | USD ($) | |||||||||||
Balance at Dec. 31, 2012 | ($63,472) | $162,466 | [1],[2] | $1 | [1],[3],[4] | ' | $17,752 | ' | $345 | ($81,570) | ' | |
Balance (in shares) at Dec. 31, 2012 | [1] | ' | 32,563,192 | [2] | 7,722,262 | [3],[4] | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Accretion of issuance costs | -191 | 191 | [1],[2] | ' | ' | -191 | ' | ' | ' | ' | ||
Common stock issuance, net of $8,402 issuance costs | 66,598 | ' | 1 | [1],[3] | ' | 66,597 | ' | ' | ' | ' | ||
Common stock issuance (in shares) | [1],[3],[4] | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ||
Conversion of preferred stock | 162,657 | -162,657 | [1],[2] | 3 | [1],[3],[4] | ' | 162,654 | ' | ' | ' | ' | |
Conversion of preferred stock (in shares) | [1] | ' | -32,563,192 | [2] | 32,587,453 | [3],[4] | ' | ' | ' | ' | ' | ' |
Series F preferred stock deemed dividend | [5] | ' | ' | ' | ' | ' | 15,849 | ' | ' | -15,849 | ||
Series F preferred stock deemed dividend (in shares) | [1],[3],[4],[5] | ' | ' | ' | 1,584,863 | ' | ' | ' | ' | ' | ||
Reclassification of liability warrants to equity warrants | 790 | ' | ' | ' | 790 | ' | ' | ' | ' | |||
Exercise of warrants (in shares) | [1],[3],[4] | ' | ' | 64,067 | ' | ' | ' | ' | ' | ' | ||
Exercise of stock options | 492 | ' | ' | ' | 492 | ' | ' | ' | ' | |||
Exercise of stock options (in shares) | 180,163 | ' | 180,163 | [1],[3],[4] | ' | ' | ' | ' | ' | ' | ||
Stock-based compensation expense | 2,419 | ' | ' | ' | 2,419 | ' | ' | ' | ' | |||
Net loss | -7,675 | ' | ' | ' | ' | ' | ' | -7,675 | ' | |||
Foreign currency translation adjustments | -100 | ' | ' | ' | ' | ' | -100 | ' | ' | |||
Balance at Sep. 30, 2013 | $161,518 | ' | $5 | [1],[3],[4] | ' | $266,362 | ' | $245 | ($105,094) | ' | ||
Balance (in shares) at Sep. 30, 2013 | [1],[3],[4] | ' | ' | 49,638,808 | ' | ' | ' | ' | ' | ' | ||
[1] | All share amounts have been restated to reflect a 1-for-1.5 reverse stock split, refer to note 10. | |||||||||||
[2] | The Preferred Stock, as of December 31, 2012, included several series of Preferred Stock, refer to note 10. | |||||||||||
[3] | The Common Stock, as of December 31, 2012, included two series of Common Stock, refer to note 10. | |||||||||||
[4] | All share amounts have been restated to reflect the renaming of the Company's "Series I common stock" to "common stock", refer to note 10. | |||||||||||
[5] | Represents a one-time non-cash deemed dividend related to the series F preferred stock ratchet provision, refer to note 10. |
Consolidated_Statements_of_Man1
Consolidated Statements of Mandatorily Redeemable Convertible Preferred Stock and Changes in Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 0 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 13, 2013 | Sep. 30, 2013 |
Consolidated Statements of Mandatorily Redeemable Convertible Preferred Stock and Changes in Stockholders' Equity (Deficit) | ' | ' |
Reverse stock split ratio | 0.67 | 0.67 |
Common stock issuance, issuance cost | ' | $191 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net loss | ($7,675) | ($15,582) |
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Depreciation of property and equipment | 919 | 849 |
Amortization of intangible assets | 3,657 | 3,619 |
Bad debt (income) expense | -26 | 46 |
Mark-to-market (income) expense | -313 | 27 |
Stock-based compensation expense | 2,419 | 2,219 |
Change in unrealized gain during the period on short-term investments available for sale | ' | 7 |
Net changes in operating assets and liabilities: | ' | ' |
(Increase) decrease in accounts receivable | -3,376 | 641 |
Increase in prepaid expenses, other current assets and other long-term assets | -835 | -101 |
Increase in accounts payable and accrued expenses | 8,998 | 1,994 |
Increase in deferred rent and security deposits payable | 119 | 139 |
(Decrease) increase in deferred revenue | -16 | 356 |
Net cash provided by (used in) operating activities | 3,871 | -5,786 |
Cash flows from investing activities | ' | ' |
Purchase of property and equipment | -1,757 | -902 |
Maturities of short-term investments | ' | 8,652 |
Change in restricted cash | 621 | 36 |
Acquisition of InPlay | ' | -1,800 |
Acquisition of Transpera, Inc., net of cash acquired | ' | 15 |
Net cash (used in) provided by investing activities | -1,136 | 6,001 |
Cash flows from financing activities | ' | ' |
Net proceeds from common stock issuance | 66,598 | ' |
Repayment of amount outstanding under credit facility | -6,000 | ' |
Proceeds from the exercise of stock options | 492 | 162 |
Net cash provided by financing activities | 61,090 | 162 |
Net increase in cash and cash equivalents | 63,825 | 377 |
Effect of exchange rate changes in cash and cash equivalents | -100 | -36 |
Cash and cash equivalents at beginning of period | 32,533 | 31,714 |
Cash and cash equivalents at end of period | $96,258 | $32,055 |
Organization_and_Description_o
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2013 | |
Organization and Description of Business | ' |
Organization and Description of Business | ' |
1. Organization and Description of Business | |
Tremor Video, Inc. (the “Company”) was originally organized as Tremor Media, LLC in November 2005 and converted into a corporation named ‘‘Tremor Media, Inc.’’ under the laws of the State of Delaware in September 2006. The Company changed its name to Tremor Video, Inc. in June 2011. The Company is a provider of technology-driven video advertising solutions enabling brand advertisers to engage consumers across multiple internet-connected devices, including computers, smartphones, tablets and connected TVs. Through its Tremor Video Network, the Company offers advertisers access to premium and often exclusive streaming video inventory and advanced real-time optimization capabilities at scale across multiple internet-connected devices in brand safe environments. In addition, through its VideoHub for Advertisers (“VHA”) solution, the Company provides advanced video analytic capabilities for advertisers to measure, verify and evaluate the performance of their video ad campaigns across multiple channels, both within and outside of its Tremor Video Network. | |
On December 8, 2010, the Company acquired ScanScout, Inc. (“ScanScout”), an online video advertising network and the developer of the Company’s video analysis and optimization technology, which is referred to as VideoHub. On February 11, 2011, the Company acquired all of the outstanding stock of Transpera, Inc. (“Transpera”), a company that operated a technology platform that enables video advertising formats to be served on mobile devices, such as phones and tablets. On January 17, 2012, the Company acquired the assets for the InPlay video management platform (“InPlay”) from Tube Mogul, Inc., which enables publishers of online video content to manage and analyze the performance of advertisements displayed within their inventory of video content. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | ' |
2. Summary of Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements and footnotes have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and applicable rules and regulations of the Securities and Exchange Commissions (the “SEC”) regarding unaudited interim financial information. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s consolidated balance sheets, statements of operations, comprehensive loss, mandatorily redeemable convertible preferred stock and changes in stockholders’ equity (deficit) and cash flows for the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full year due to seasonal and other factors. Certain information and footnote disclosures normally included in the consolidated financial statements in accordance with US GAAP have been omitted in accordance with the rules and regulations of the SEC. Accordingly, these unaudited interim consolidated financial statements and footnotes should be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s prospectus dated June 26, 2013, filed with the SEC on June 27, 2013 pursuant to Rule 424(b)(4) under the Securities Act (“Prospectus”). | |
Principles of Consolidation | |
The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in the accompanying unaudited interim consolidated financial statements. | |
Initial Public Offering | |
On July 2, 2013, the Company closed its initial public offering (“IPO”) of common stock in which the Company issued and sold 7,500,000 shares of common stock. Upon closing of the IPO, all of the Company’s outstanding mandatorily redeemable convertible preferred stock (“preferred stock”) automatically converted into 34,172,316 shares of common stock, which includes a one-time $15,849 non-cash preferred stock deemed dividend related to 1,584,863 of additional shares of common stock in connection with to the Series F preferred stock ratchet provision (refer to note 10), and all of the Company’s outstanding Series II common stock automatically converted into 1,052,464 shares of common stock. In addition, the outstanding warrants to purchase preferred stock automatically converted into warrants to purchase 142,534 shares of common stock, and the warrants to purchase preferred stock liability of $790, which includes a $136 adjustment for the change in fair value from July 1, 2013 through July 2, 2013, was reclassified to additional paid-in capital. | |
Recently Issued Accounting Pronouncements | |
FASB Accounting Standards Update No. 2013-02 — Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued new authoritative guidance requiring new disclosures about reclassifications from accumulated other comprehensive income to net loss. This new guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the financial statements where net loss is presented or in the notes thereto, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net loss but only if the amount reclassified is required under US GAAP to be reclassified to net loss in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net loss, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional detail about those amounts. The new guidance is effective prospectively for annual and interim periods beginning after December 15, 2012. The Company adopted this guidance in its interim period beginning April 1, 2013. The adoption of this new guidance did not have a material impact on its unaudited interim consolidated financial statements and the required disclosures are provided in note 11. | |
Revenue Recognition and Deferred Revenue | |
The Company generates revenue primarily from the delivery of in-stream video advertisements for brand advertisers and agencies through the Tremor Video Network. The Company also generates revenue from selling licenses to advertisers, agencies and publishers. Revenue is recognized when the related services are delivered based on the specific terms of the contract, which are commonly based on the number of impressions delivered or by the actions of the viewers. The Company recognizes revenue when four basic criteria are met: (1) persuasive evidence exists of an arrangement with the client reflecting the terms and conditions under which the services will be provided; (2) services have been provided or delivery has occurred; (3) the fee is fixed or determinable; and (4) collection is reasonably assured. Collectability is assessed based on a number of factors, including the creditworthiness of a client and transaction history. Amounts billed or collected in excess of revenue recognized are included as deferred revenue. | |
The Company recognizes revenue from the delivery of video ads in the period in which the video ads are delivered. Specifically, revenue is recognized for video ad delivery through the Tremor Video Network upon either the delivery of each impression served for CPM-priced ad campaigns, delivery of each impression served to a target demographic as validated by a third-party for ad campaigns priced on a CPM-basis with a guaranteed demographic reach, engagement by the viewer with a video ad for cost per engagement (“CPE”) priced ad campaigns, or the completion of a video ad by the viewer for cost per video completed (“CPVC”) priced ad campaigns. | |
In the normal course of business, the Company acts as an intermediary in executing transactions with third parties. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company is acting as the principal or an agent in the Company’s transactions. In determining whether the Company acts as the principal or an agent, the Company follows the accounting guidance for principal-agent considerations. The determination of whether the Company is acting as a principal or an agent in a transaction involves judgment and is based on an evaluation of the terms of each arrangement. While none of the factors individually are considered presumptive or determinative, because the Company is the primary obligor and is responsible for (1) identifying and contracting with third-party advertisers, (2) establishing the selling prices of the video ads sold, (3) performing all billing and collection activities, including retaining credit risk, and (4) bearing sole responsibility for fulfillment of the advertising, the Company acts as the principal in these arrangements and therefore reports revenue earned and costs incurred related to these transactions on a gross basis. | |
The license fees for VHA and the Company’s publisher solutions are based on the number of impressions being analyzed through these solutions. The Company recognizes revenue with respect to these solutions on a cost per impression basis based on the number of impressions being analyzed in a given month. Typically, the Company’s license terms are for one year periods. In limited cases, the Company charges a minimum monthly fee. | |
Deferred revenue arises as a result of differences between the timing of revenue recognition and receipt of cash from the Company’s clients. As of September 30, 2013 and December 31, 2012 there were $194 and $210, respectively, of services for which cash payments were received in advance of the Company’s performance of the service under the arrangement and recorded as deferred revenue in the accompanying consolidated balance sheets. | |
Cost of Revenue | |
Cost of revenue primarily represents the video advertising inventory costs under the Company’s publisher contracts, third party hosting fees and third party serving fees incurred to deliver the video ads run through the Tremor Video Network. Cost of revenue also includes costs of licenses from third party data providers utilized in the Company’s VHA solution. Substantially all of the Company’s cost of revenue is attributable to video advertising inventory costs under its publisher contracts. Cost of revenue is recognized on a publisher-by-publisher basis at the same time that the associated advertising revenue is recognized. Substantially all of the Company’s exclusive publisher contracts contain minimum percentage fill rates on qualified video ad requests, which effectively means that the Company must purchase this inventory even if the Company lacks a video advertising campaign to deliver to these video ad impressions. The Company recognizes the difference between the contractually required fill rate and the number of video ads actually delivered on the publisher’s website, if any, as a cost of revenue as of the end of each applicable monthly period. Historically, the impact of the difference between the contractually required fill rate and the number of ads delivered has not been material. Costs owed to publishers but not yet paid are recorded in the consolidated balance sheets as accounts payable and accrued expenses. | |
Concentrations 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. All of the Company’s cash and cash equivalents are held at financial institutions that management believes to be of high credit quality. The Company’s cash and cash equivalent accounts exceed federally insured limits at times. 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 clients and maintains an allowance for doubtful accounts. | |
During the three and nine months ended September 30, 2013, there was one advertiser that accounted for approximately 10.5% and 10.7% of revenue, respectively. During the three and nine months ended September 30, 2012, there were no advertisers that accounted for more than 10% of revenue. | |
As of September 30, 2013 and December 31, 2012, there were no advertisers that accounted for more than 10% of outstanding accounts receivables. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
3. Fair Value Measurements | ||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 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. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. 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 requiring 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 to be made. The following tables summarize the conclusions reached as of December 31, 2012: | ||||||||||||||
Balance at | ||||||||||||||
December 31, | ||||||||||||||
2012 | Level 1 | Level 2 | Level 3 | |||||||||||
Liabilities | ||||||||||||||
Warrants to purchase preferred stock(1) | $ | 1,103 | $ | — | $ | — | $ | 1,103 | ||||||
Total warrants to purchase preferred stock | $ | 1,103 | $ | — | $ | — | $ | 1,103 | ||||||
(1) The Company used an option pricing model to determine the fair value of the warrants to purchase preferred stock. Significant inputs included an estimate of the fair value of the Company’s preferred stock as of December 31, 2012, the remaining contractual life of the warrant, a risk-free rate of interest, and an estimate of the Company’s stock volatility using the volatilities of guideline peer companies. In connection with the Company’s IPO, these warrants to purchase preferred stock were adjusted to fair value through July 2, 2013 and were subsequently reclassified to additional paid-in capital (refer to note 8). | ||||||||||||||
Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | ||||||||||||||
The following table’s presents the changes in the Company’s Level 3 instruments measured at fair value on a recurring basis for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||
Warrants to Purchase Preferred Stock | ||||||||||||||
2013 | 2012 | |||||||||||||
(unaudited) | ||||||||||||||
Beginning balance at July 1, | $ | 926 | $ | 1,113 | ||||||||||
Mark-to-market income before reclassifications | (136 | ) | (5 | ) | ||||||||||
Reclassification to additional paid-in capital | (790 | ) | — | |||||||||||
Ending balance at September 30, | $ | — | $ | 1,108 | ||||||||||
Warrants to Purchase Preferred Stock | ||||||||||||||
2013 | 2012 | |||||||||||||
(unaudited) | ||||||||||||||
Beginning balance at January 1, | $ | 1,103 | $ | 1,127 | ||||||||||
Mark-to-market income before reclassifications | (313 | ) | (19 | ) | ||||||||||
Reclassification to additional paid-in capital | (790 | ) | — | |||||||||||
Ending balance at September 30, | $ | — | $ | 1,108 | ||||||||||
Contingent | ||||||||||||||
Consideration on | ||||||||||||||
Acquisition(1) | ||||||||||||||
2012 | ||||||||||||||
(unaudited) | ||||||||||||||
Beginning balance at January 1, | $ | 817 | ||||||||||||
Mark-to-market expense before reclassifications | 46 | |||||||||||||
Settlement of contingent consideration | (863 | ) | ||||||||||||
Ending balance at September 30, | $ | — | ||||||||||||
(1) On February 11, 2011, the Company acquired all of the outstanding equity of Transpera. The purchase price included contingent consideration consisting of up to 169,131 shares of the Company’s common stock payable on the one year anniversary of the closing of the acquisition based on certain performance criteria being achieved. In arriving at the value of the contingent consideration, the Company used a valuation model based on future expectations combined with management’s judgment. In the then-absence of a public trading market, the Company exercised judgment and considered numerous objective and subjective factors to determine the fair value of the Company’s common stock. |
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Prepaid Expenses and Other Current Assets | ' | |||||||
Prepaid Expenses and Other Current Assets | ' | |||||||
4. Prepaid Expenses and Other Current Assets | ||||||||
Prepaid expenses and other current assets consisted of: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(unaudited) | ||||||||
Prepaid expenses | $ | 856 | $ | 790 | ||||
Prepaid insurance | 630 | 8 | ||||||
Prepaid taxes | 314 3 | 155 | ||||||
Other current assets | 1 | — | ||||||
Total prepaid expenses and other current assets | $ | 1,801 | $ | 953 | ||||
Property_and_Equipment_Net
Property and Equipment, Net | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property and Equipment, Net | ' | |||||||
Property and Equipment, Net | ' | |||||||
5. Property and Equipment, Net | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(unaudited) | ||||||||
Cost: | ||||||||
Computer hardware | $ | 3,343 | $ | 2,885 | ||||
Leasehold improvements | 1,219 | 849 | ||||||
Furniture and fixtures | 1,077 | 765 | ||||||
Computer software | 475 | 545 | ||||||
Office equipment | 61 | 28 | ||||||
6,175 | 5,072 | |||||||
Accumulated depreciation | (3,342 | ) | (3,077 | ) | ||||
Total property and equipment, net of accumulated depreciation | $ | 2,833 | $ | 1,995 | ||||
The depreciation expense related to property and equipment was $362 and $342 for the three months ended September 30, 2013 and 2012, respectively, and $919 and $849 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||
The Company recorded a reduction of $654 and $229 to the cost and accumulated depreciation of fully depreciated equipment and leasehold improvements no longer in use for the nine months ended September 30, 2013 and 2012, respectively. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounts Payable and Accrued Expenses | ' | |||||||
Accounts Payable and Accrued Expenses | ' | |||||||
6. Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses consisted of: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(unaudited) | ||||||||
Trade accounts payable | $ | 23,386 | $ | 15,191 | ||||
Accrued compensation, benefits and payroll taxes | 3,772 | 3,627 | ||||||
Accrued cost of sales | 1,084 | 1,058 | ||||||
Other payables and accrued expenses | 1,850 | -1 | 1,199 | |||||
Total accounts payable and accrued expenses | $ | 30,092 | $ | 21,075 | ||||
(1) Includes approximately $1,782 of expenses incurred in connection with the Company’s IPO. | ||||||||
Credit_Facility_and_Accrued_In
Credit Facility and Accrued Interest Expense | 9 Months Ended |
Sep. 30, 2013 | |
Credit Facility and Accrued Interest Expense | ' |
Credit Facility and Accrued Interest Expense | ' |
7. Credit Facility and Accrued Interest Expense | |
On February 7, 2010, the Company amended its then existing loan and security agreement with Silicon Valley Bank (“SVB”). As amended, the loan and security agreement provided for a $7,000 revolving working capital credit facility. The credit facility includes customary conditions to borrowing, covenants and events of default. The credit facility also contains a financial covenant requiring that the ratio of current assets to current liabilities (excluding deferred revenue) be at least 1.25 to 1. As collateral for its obligations under the credit facility, the Company granted a first priority security interest to SVB in all assets of the Company other than intellectual property. The Company has agreed not to pledge its intellectual property as collateral without SVB’s prior written consent. | |
In February 2011, the credit facility was amended to, among other things, revise the interest rate to be equal to SVB’s prime rate plus 1.0% and provide for a fee of 0.20% for any unused portion of the revolving credit facility. Such fee is payable quarterly but no fee is charged for a particular quarter if the average principal amount of borrowings during such quarter is more than $10,000. | |
On December 31, 2011, the Company expanded the borrowing capacity under the credit facility to the lesser of $25,000 and a borrowing base equal to 80% of eligible accounts receivable. Furthermore, on such date the credit facility was amended to, among other things, revise the interest rate to SVB’s prime rate plus 0.5% and provide for a termination date of December 30, 2014. The Company had $6,000 aggregate principal amount of borrowings outstanding under the facility as of December 31, 2012. | |
On July 30, 2013, the Company repaid $6,033, in principal borrowings and accrued interest expense. As of September 30, 2013 the Company did not have any outstanding borrowings under the credit facility. The Company was in compliance with all covenants under the credit facility as of each September 30, 2013 and December 31, 2012. |
Warrants_to_Purchase_Preferred
Warrants to Purchase Preferred Stock and Common Stock | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Warrants to Purchase Preferred Stock and Common Stock | ' | |||||||||||||
Warrants to Purchase Preferred Stock and Common Stock | ' | |||||||||||||
8. Warrants to Purchase Preferred Stock and Common Stock | ||||||||||||||
In connection with the Company’s entry into, and subsequent amendments of, its credit facility in 2010, 2008 and 2007, warrants to purchase preferred stock were issued to SVB. In addition, with the acquisition of ScanScout in 2010, the Company exchanged ScanScout’s pre-acquisition preferred stock warrants into warrants for the new series of preferred stock that was issued as part of the acquisition. | ||||||||||||||
The warrants are exercisable at any time prior to expiration. Freestanding warrants and other similar instruments on shares that are redeemable (either put-able or mandatorily redeemable) are accounted for as liabilities, regardless of the timing of the redemption feature or price, even though the underlying shares may be classified as equity. | ||||||||||||||
The following table summarizes the Company’s outstanding warrants to purchase preferred stock as of December 31, 2012: | ||||||||||||||
Fair Value | ||||||||||||||
as of | ||||||||||||||
Grant | Expiration | Exercise | Warrants | December 31, | ||||||||||
Date | Date | Price | Outstanding | 2012 | ||||||||||
Series A | June 7, 2007 | June 7, 2017 | $ | 1.27 | 35,520 | $ | 299 | |||||||
Series B-1 | December 8, 2008 | December 7, 2018 | $ | 4.86 | 33,930 | 246 | ||||||||
Series C | February 8, 2010 | February 8, 2020 | $ | 3.79 | 31,659 | 245 | ||||||||
Series 1 | December 8, 2010 | June 30, 2017 | $ | 2.46 | 31,130 | 256 | ||||||||
Series 3 | December 8, 2010 | February 6, 2015 | $ | 5.75 | 8,694 | 57 | ||||||||
Totals | 140,933 | $ | 1,103 | |||||||||||
Mark-to-market income related to the fair value measurement of the warrants were $136 and $5 for the three months ended September 30, 2013 and 2012, respectively, and $313 and $19 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||
On July 2, 2013, in connection with the closing of the Company’s IPO, these warrants to purchase preferred stock were converted into warrants to purchase 142,534 shares of common stock (refer to note 2), which includes an anti-dilution adjustment to the conversion ratio of the Series B-1 warrants to purchase preferred stock. This conversion resulted in the warrants being reclassified to additional paid-in capital (refer to note 2). | ||||||||||||||
On July 25, 2013, SVB exercised, in full, the following warrants to acquire common stock pursuant to a cashless net exercise: (i) warrants to acquire 17,607 shares of common stock, net of 14,052 shares of common stock tendered to the Company, at an exercise price of $3.79 per share, with an expiration date of February 8, 2020, (ii) warrants to acquire 16,210 shares of common stock, net of 19,321 shares of common stock tendered to the Company, at an exercise price of $4.64 per share, with an expiration date of December 7, 2018 and (iii) warrants to acquire 30,250 shares of common stock, net of 5,270 shares of common stock tendered to the Company, at an exercise price of $1.27 per share, with an expiration date of June 7, 2017. The number of shares tendered to the Company to satisfy the exercise price for the warrants was based on the closing price of the Company’s common stock on July 24, 2013. In aggregate, the Company issued 64,067 shares of common stock to SVB in connection with these exercises. | ||||||||||||||
The following table summarizes the Company’s outstanding warrants to purchase common stock as of September 30, 2013: | ||||||||||||||
Grant | Expiration | Exercise | Warrants | |||||||||||
Date | Date | Price | Outstanding | |||||||||||
December 8, 2010 | June 30, 2017 | $ | 2.46 | 31,130 | ||||||||||
December 8, 2010 | February 6, 2015 | $ | 5.75 | 8,694 | ||||||||||
39,824 | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
9. Commitments and Contingencies | |
Letters of Credit | |
At September 30, 2013 and December 31, 2012, the Company had outstanding letters of credit of $600 and $1,221, respectively, related to two office spaces in New York, New York and Boston, Massachusetts. | |
Legal Contingencies | |
During the normal course of the business, the Company is occasionally involved with various claims and litigation. Reserves are established in connection with such matters when a loss is probable and the amount of such loss can be reasonably estimated. As of each September 30, 2013 and December 31, 2012, no material reserves were recorded. No reserves are established for losses which are only reasonably possible. The determination of probability and the estimation of the actual amount of any such loss are inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation could exceed the estimated reserves, if any. Based upon the Company’s experience, current information and applicable law, it does not believe it is reasonably possible that any proceedings or possible related claims will have a material effect on its financial statements. |
Preferred_Stock_Common_Stock_a
Preferred Stock, Common Stock and Stockholders' Equity (Deficit) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Preferred Stock, Common Stock and Stockholders' Equity (Deficit) | ' | ||||||||||||||||
Preferred Stock, Common Stock and Stockholders' Equity (Deficit) | ' | ||||||||||||||||
10. Preferred Stock, Common Stock and Stockholders’ Equity (Deficit) | |||||||||||||||||
Reverse Stock Split | |||||||||||||||||
On June 13, 2013, the Company’s board of directors and stockholders approved an amendment and restatement of the Company’s amended and restated certificate of incorporation effecting a 1-for-1.5 reverse stock split of the Company’s issued and outstanding shares of common stock, preferred stock and the renaming of the Series I common stock to common stock. The par value of the common stock was not adjusted as a result of the reverse stock split. The original issue prices for all series of preferred stock were proportionately adjusted to reflect the reverse stock split. All authorized, issued and outstanding shares of common stock, preferred stock and per share amounts presented in the unaudited interim consolidated financial statements have been retroactively adjusted to reflect this reverse stock split and the renaming of the “Series I common stock” to “common stock” for all periods presented. | |||||||||||||||||
Amended and Restated Certificate of Incorporation | |||||||||||||||||
On July 2, 2013, the Company’s board of directors and stockholders approved an amendment and restatement of the Company’s amended and restated certification of incorporation to, among other things, (i) increase the total number of shares of the Company’s common stock which the Company is authorized to issue to 250,000,000 shares, (ii) eliminate all references to the various series of preferred stock that were previously authorized (including certain protective measures held by the various series of preferred stock), except for the reference to 10,000,000 shares of undesignated preferred stock that may be issued, and with terms to be set, by the Company’s board of directors, which rights could be senior to those of the Company’s common stock, and (iii) eliminate all references to the series II common stock. | |||||||||||||||||
Preferred Stock | |||||||||||||||||
As of December 31, 2012, the authorized capital stock of the Company consists of 32,742,929 shares of preferred stock, $0.0001 par value per share. | |||||||||||||||||
As of September 30, 2013, there were no outstanding shares of preferred stock, refer to note 2. | |||||||||||||||||
Preferred stock consists of the following as of December 31, 2012: | |||||||||||||||||
Series | Issued | Authorized | Issued and | Original | Liquidation | Carrying | |||||||||||
Outstanding | Issue | Preference | Value | ||||||||||||||
Price | as of | ||||||||||||||||
December 31, | |||||||||||||||||
2012 | |||||||||||||||||
Series A | September 2006 | 6,861,975 | 6,826,451 | $ | 1.2669 | $ | 8,648 | $ | 8,402 | ||||||||
Series B | December 2007 | 3,500,732 | 3,500,729 | $ | 3.1422 | $ | 11,000 | 10,949 | |||||||||
Series B-1 | May 2008 | 548,032 | 514,102 | $ | 4.8629 | $ | 2,500 | 2,479 | |||||||||
Series C | February and | 5,308,216 | 5,276,554 | $ | 3.7904 | $ | 20,000 | 19,932 | |||||||||
Series D | April 2010 | 5,453,975 | 5,453,970 | $ | 7.3341 | $ | 40,000 | 39,931 | |||||||||
Series E | December 2010 | 238,000 | 236,108 | $ | 8.0051 | $ | 1,890 | 1,890 | |||||||||
Series 1 | December 2010 | 979,333 | 947,711 | $ | 2.4575 | $ | 2,329 | 5,217 | |||||||||
Series 2 | December 2010 | 1,822,000 | 1,821,455 | $ | 4.1387 | $ | 7,538 | 12,404 | |||||||||
Series 3 | December 2010 | 937,333 | 928,054 | $ | 5.7507 | $ | 5,337 | 7,517 | |||||||||
Series 4 | December 2010 | 3,093,333 | 3,092,932 | $ | 2.7548 | $ | 8,520 | 17,722 | |||||||||
Series F | September 2011 | 4,000,000 | 3,965,126 | $ | 9.3314 | $ | 37,000 | 36,023 | |||||||||
32,742,929 | 32,563,192 | $ | 162,466 | ||||||||||||||
Dividends | |||||||||||||||||
The holders of preferred stock, which are no longer outstanding as of September 30, 2013, were entitled to receive, when and if declared by the Board of Directors out of funds legally available, dividends at the following annual rates: | |||||||||||||||||
Series | Dividend Rate | ||||||||||||||||
Series A | $ | 0.1014 | |||||||||||||||
Series B | $ | 0.2514 | |||||||||||||||
Series B-1 | $ | 0.3891 | |||||||||||||||
Series C | $ | 0.3033 | |||||||||||||||
Series D | $ | 0.5868 | |||||||||||||||
Series E | $ | 0.64035 | |||||||||||||||
Series 1 | $ | 0.19665 | |||||||||||||||
Series 2 | $ | 0.33105 | |||||||||||||||
Series 3 | $ | 0.46005 | |||||||||||||||
Series 4 | $ | 0.22035 | |||||||||||||||
Series F | $ | 0.74655 | |||||||||||||||
The terms of the preferred stock, which are no longer outstanding as of September 30, 2013, provided that no dividends or other distributions would be made with respect to common stock until all declared dividends on the preferred stock had been paid. No dividends have been declared or paid by the Company through the date of this report. | |||||||||||||||||
Conversion | |||||||||||||||||
All shares of preferred stock, which are no longer outstanding as of September 30, 2013, automatically converted into common stock upon the closing of the Company’s IPO on July 2, 2013 (refer to note 2). Except for the Series B-1 and Series F preferred stock, all preferred stock converted on a one for one basis. The Series B-1 preferred stock converted into common stock on a 1:1.04719 basis and the Series F preferred stock converted into common stock in accordance with the Series F preferred stock ratchet provision described below under the heading “Series F Preferred Stock Ratchet Provision.” | |||||||||||||||||
Liquidation Preferences | |||||||||||||||||
The preferred stock, which is no longer outstanding as of September 30, 2013, entitled its holders to a liquidation preferences over common stockholders based on the series of preferred stock held. In the event of liquidation, dissolution, or winding up of the Company, each holder of preferred stock was entitled to be paid out of available assets on a pro-rata basis based on the liquidation preference of each series plus all declared but unpaid dividends. After the preferential amounts had been distributed by the Company, the holders of preferred stock would then participate with the common stockholders in the distribution of remaining available assets. | |||||||||||||||||
Voting | |||||||||||||||||
Each holder of a share of outstanding preferred stock, which are no longer outstanding as of September 30, 2013, was entitled to the number of votes equal to the number of shares of common stock into which the shares of convertible preferred stock so held could be converted. | |||||||||||||||||
Series F Preferred Stock Ratchet Provision | |||||||||||||||||
The terms of the Series F preferred stock, which are no longer outstanding as of September 30, 2013, provided that the ratio at which each share of such series automatically converted into shares of common stock would increase, from a 1:1 basis, if a qualified IPO price was below $13.997 per share, which represents the original issue price of $9.3314 (the “conversion price”) adjusted for other anti-dilution provisions pursuant to the terms of the Series F preferred stock. The Company therefore concluded that such conversion ratio and conversion price are contingently adjustable based on a future event and such effects will not be recognized in earnings until such contingency has been resolved, in this case July 2, 2013. | |||||||||||||||||
Based on the Company’s IPO price of $10.00 per share, the conversion ratio automatically increased to a 1:1.3997 basis, with the conversion price automatically adjusting and decreasing to $6.6667 (the “adjusted conversion price”). As a result, on July 2, 2013 upon the closing of the Company’s IPO, the outstanding shares of Series F preferred stock automatically converted into an aggregate total of 5,549,989 shares of common stock, which included 1,584,863 additional shares of common stock related to the ratchet provision described above. | |||||||||||||||||
As the fair value of the common stock to be received upon conversion (the IPO price of $10.00 per share) of the Series F preferred stock was greater than the adjusted conversion price, the conversion of the Series F preferred stock resulted in a beneficial conversion feature, analogous to a preferred stock dividend. The beneficial conversion feature was calculated as the difference between the number of shares of common stock each holder of such series would receive upon the automatic conversion and the number of shares contingently issuable just prior to the automatic conversion based on the initial conversion price multiplied by the IPO price of $10.00 per share, which represents the fair value of the common stock on the date of conversion. On July 2, 2013, the Company recorded a one-time $15,849 non-cash preferred stock deemed dividend related to the issuance of additional common shares resulting from the ratchet provision. Such non-cash preferred stock deemed dividend results in an increase to net loss to arrive at net loss attributable to common stockholders and, consequently, results in an adjustment to the Company’s computation of net loss attributable to common stockholders per share. | |||||||||||||||||
Common Stock | |||||||||||||||||
As of December 31, 2012, the Company had two classes of $0.0001 par value common stock as follows: | |||||||||||||||||
Authorized | Outstanding | ||||||||||||||||
as of | as of | ||||||||||||||||
Series | December 31, 2012 | December 31, 2012 | |||||||||||||||
Common stock | 50,000,000 | 6,674,905 | |||||||||||||||
Series II | 2,333,333 | 1,047,357 | |||||||||||||||
Total common stock | 52,333,333 | 7,722,262 | |||||||||||||||
The Company’s two classes of common stock were identical in all significant respects. Each share was entitled to one vote and both classes of shares were subordinate to the preferred stock in the payment of dividends and liquidation preferences. The Series II common stock automatically converted into common stock upon the closing of the Company’s IPO on July 2, 2013 (refer to note 2). Following the Company’s IPO, the Company has one class of common stock. | |||||||||||||||||
As of September 30, 2013, the authorized capital stock of the Company consists of 250,000,000 shares of common stock, with 49,638,808 shares of common stock outstanding as of such date. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||||
11. Changes in Accumulated Other Comprehensive Income | |||||||||||
The following table provides the components of accumulated other comprehensive income: | |||||||||||
Unrealized | |||||||||||
Gain On | |||||||||||
Foreign | Short-term | ||||||||||
Currency | Investments | ||||||||||
Translation | Available | ||||||||||
Adjustment | For Sale | Total | |||||||||
Beginning Balance at July 1, 2013 | $ | 195 | $ | — | $ | 195 | |||||
Other comprehensive income before reclassifications | 50 | — | 50 | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Ending Balance at September 30, 2013 | $ | 245 | $ | — | $ | 245 | |||||
Unrealized | |||||||||||
Gain On | |||||||||||
Foreign | Short-term | ||||||||||
Currency | Investments | ||||||||||
Translation | Available | ||||||||||
Adjustment | For Sale | Total | |||||||||
Beginning Balance at July 1, 2012 | $ | 392 | $ | — | $ | 392 | |||||
Other comprehensive loss before reclassifications | (25 | ) | — | (25 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Ending Balance at September 30, 2012 | $ | 367 | $ | — | $ | 367 | |||||
Unrealized | |||||||||||
Gain On | |||||||||||
Foreign | Short-term | ||||||||||
Currency | Investments | ||||||||||
Translation | Available | ||||||||||
Adjustment | For Sale | Total | |||||||||
Beginning Balance at January 1, 2013 | $ | 345 | $ | — | $ | 345 | |||||
Other comprehensive loss before reclassifications | (100 | ) | — | (100 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Ending Balance at September 30, 2013 | $ | 245 | $ | — | $ | 245 | |||||
Unrealized | |||||||||||
Gain On | |||||||||||
Foreign | Short-term | ||||||||||
Currency | Investments | ||||||||||
Translation | Available | ||||||||||
Adjustment | For Sale | Total | |||||||||
Beginning Balance at January 1, 2012 | $ | 403 | $ | (7 | ) | $ | 396 | ||||
Other comprehensive loss before reclassifications | (36 | ) | — | (36 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | 7 | 7 | ||||||||
Ending Balance at September 30, 2012 | $ | 367 | $ | — | $ | 367 | |||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
12. Stock-Based Compensation | |||||||||||||||||
The Company included stock-based compensation expense related to all of the Company’s stock- based awards in various operating expense categories for the three and nine months ended September 30, 2013 and 2012 as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(unaudited) | |||||||||||||||||
Technology and development | $ | 142 | $ | 106 | $ | 391 | $ | 312 | |||||||||
Sales and marketing | 317 | 247 | 883 | 776 | |||||||||||||
General and administrative | 459 | 375 | 1,145 | 1,131 | |||||||||||||
Total stock-based compensation expense | $ | 918 | $ | 728 | $ | 2,419 | $ | 2,219 | |||||||||
Stock-Based Incentive Plans | |||||||||||||||||
On June 26, 2013, the Company adopted the 2013 Equity Incentive Plan (“2013 Plan”). The Company has stock option awards outstanding under four stock-based incentive plans as of December 31, 2012 and under five stock-based incentive plans as of September 30, 2013, including, in each case, two plans that were assumed as part of the acquisition of ScanScout. The Company has restricted stock unit awards outstanding under its 2013 Plan. | |||||||||||||||||
Plan Provisions Under the 2013 Equity Incentive Plan | |||||||||||||||||
Upon the effectiveness of the Company’s IPO, the Board of Directors determined that the 2013 Plan would be the only plan under which stock-based awards will be issued by the Company on a going-forward basis. The 2013 Plan provides for the awards of incentive stock options, non-qualified stock options, restricted stock, restricted stock units and other stock-based awards; however, only incentive and non-qualified stock option awards and restricted stock unit awards have been issued through September 30, 2013 under the 2013 Plan. The 2013 Plan states that awards may be granted to such non-employee directors, officers, employees and consultants as the Board of Directors shall in its discretion select. Only employees of the Company are eligible to receive grants of incentive stock option awards. Stock option awards are generally granted at the fair market value of the Company’s common stock on the date of grant. Stock option grants generally vest over periods up to four years, with the first 25% of the grant vesting after one year, and monthly vesting thereafter. Stock option grants generally have a term not to exceed a total of 10 years. Restricted stock unit awards are generally granted at the fair market value of the Company’s common stock on the date of grant. Restricted stock unit awards granted to our non-employee directors generally vest after a period of one year, with 100% vesting on the vesting date. As of September 30, 2013, there were 972,139 shares of common stock that may be issued pursuant to stock-based awards available for issuance under the 2013 Plan. | |||||||||||||||||
Stock Option Awards Outstanding | |||||||||||||||||
The following table presents a summary of the Company’s stock option award activity under all plans and related information, without regard for estimated forfeitures, for the nine months ended September 30, 2013: | |||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
Average | Average | Average | |||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||
Price | Price | Price | |||||||||||||||
Exercisable | Per Share | Non-vested | Per Share | Outstanding | Per Share | ||||||||||||
Stock option awards outstanding as of December 31, 2012 | 3,895,442 | $ | 2.36 | 2,984,477 | $ | 4.55 | 6,879,919 | $ | 3.3 | ||||||||
Stock option awards granted | — | $ | — | 860,380 | $ | 7.52 | 860,380 | $ | 7.52 | ||||||||
Stock option awards forfeited | (69,162 | ) | $ | 4.06 | (320,191 | ) | $ | 4.96 | (389,353 | ) | $ | 4.8 | |||||
Stock option awards exercised | (180,163 | ) | $ | 2.73 | — | $ | — | (180,163 | ) | $ | 2.73 | ||||||
Stock option awards vested | 918,653 | $ | 3.98 | (918,653 | ) | $ | 3.98 | — | $ | — | |||||||
Stock option awards outstanding as of September 30, 2013 | 4,564,770 | $ | 2.64 | 2,606,013 | $ | 5.67 | 7,170,783 | $ | 3.74 | ||||||||
The weighted average grant date fair value of stock option awards granted during the nine months ended September 30, 2013 was $3.76 per share. As previously discussed, stock option awards are generally granted at the fair market value of the Company’s common stock on the date of grant, generally vest over periods up to four years, have a one year cliff with monthly vesting thereafter, and have terms not to exceed 10 years. The total intrinsic value of stock option awards exercised during the nine months ended September 30, 2013 was $993. Cash proceeds received from stock option awards exercised for the nine months ended September 30, 2013 was $492. | |||||||||||||||||
The total fair value of stock option awards that vested during the nine months ended September 30, 2013 was $1,930. There was $5,896 of total unrecognized compensation cost related to non-vested stock option awards granted under the Company’s equity incentive plans as of September 30, 2013. This cost is expected to be recognized over a weighted-average period of 2.68 years. | |||||||||||||||||
Restricted Stock Unit (RSU) Awards Outstanding | |||||||||||||||||
The following table presents a summary of the Company’s restricted stock unit award activity under all plans and related information, without regard for estimated forfeitures, for the nine months ended September 30, 2013: | |||||||||||||||||
Weighted Average | |||||||||||||||||
Restricted | Grant Date | ||||||||||||||||
Stock Unit | Fair Value | ||||||||||||||||
Awards | Per Share | ||||||||||||||||
Restricted stock unit awards outstanding as of December 31, 2012 | — | $ | — | ||||||||||||||
Restricted stock unit awards granted | 80,119 | $ | 9.67 | ||||||||||||||
Restricted stock unit awards forfeited | (10,000 | ) | $ | 10 | |||||||||||||
Restricted stock unit awards restriction lapses | — | $ | — | ||||||||||||||
Restricted stock unit awards outstanding as of September 30, 2013 | 70,119 | $ | 9.63 | ||||||||||||||
Restricted | |||||||||||||||||
Stock Unit | |||||||||||||||||
Awards | |||||||||||||||||
Aggregate grant date fair value of restricted stock unit awards outstanding as of September 30, 2013 | $ | 675 | |||||||||||||||
Number of restricted stock unit awards vested during the nine months ended September 30, 2013 | — | ||||||||||||||||
Number of restricted stock unit awards non-vested as of September 30, 2013 | 70,119 | ||||||||||||||||
There was $566 of total unrecognized compensation cost related to non-vested restricted stock unit awards. This cost is expected to be recognized over a weighted-average period of one year. |
Net_Loss_Attributable_to_Commo
Net Loss Attributable to Common Stockholders Per Share of Common Stock | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Loss Attributable to Common Stockholders Per Share of Common Stock | ' | |||||||||||||
Net Loss Attributable to Common Stockholders Per Share of Common Stock | ' | |||||||||||||
13. Net Loss Attributable to Common Stockholders Per Share of Common Stock | ||||||||||||||
Basic net loss attributable to common stockholders per share excludes dilution and is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. | ||||||||||||||
Diluted net loss attributable to common stockholders per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period, adjusted to reflect potentially dilutive securities using the treasury stock method for warrants to purchase preferred stock, warrants to purchase common stock, preferred stock, stock option awards and restricted stock unit awards. Due to the Company’s net loss, (i) warrants to purchase preferred stock, (ii) warrants to purchase common stock, (iii) preferred stock, (iv) stock option awards, and (v) restricted stock unit awards were not included in the computation of diluted net loss attributable to common stockholders per share, as the effects would be anti-dilutive. Accordingly, basic and diluted net loss attributable to common stockholders per share is equal for the following periods presented: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(unaudited) | ||||||||||||||
Numerator: | ||||||||||||||
Net loss | $ | (2,243 | ) | $ | (1,675 | ) | $ | (7,675 | ) | $ | (15,582 | ) | ||
Series F preferred stock deemed dividend | (15,849 | ) | — | (15,849 | ) | — | ||||||||
Net loss attributable to common stockholders | $ | (18,092 | ) | $ | (1,675 | ) | $ | (23,524 | ) | $ | (15,582 | ) | ||
Denominator: | ||||||||||||||
Weighted average number of shares of common stock outstanding for basic and diluted net loss attributable to common stockholders per share | 49,115,766 | 7,541,832 | 21,686,759 | 7,440,430 | ||||||||||
Basic and diluted net loss attributable to common stockholders per share | $ | (0.37 | ) | $ | (0.22 | ) | $ | (1.08 | ) | $ | (2.09 | ) | ||
The following securities were outstanding during the periods presented below and have been excluded from the calculation of diluted net loss attributable to common stockholders per share because the effect is anti-dilutive: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(unaudited) | ||||||||||||||
Warrants to purchase preferred stock | — | 140,933 | — | 140,933 | ||||||||||
Warrants to purchase common stock | 39,824 | — | 39,824 | — | ||||||||||
Preferred stock | — | 32,563,192 | — | 32,563,192 | ||||||||||
Stock option awards | 7,170,783 | 6,800,481 | 7,170,783 | 6,800,481 | ||||||||||
Restricted stock unit awards | 70,119 | — | 70,119 | — | ||||||||||
Total anti-dilutive securities | 7,280,726 | 39,504,606 | 7,280,726 | 39,504,606 | ||||||||||
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Disclosure of Cash Flow Information | ' | |||||||
Supplemental Disclosure of Cash Flow Information | ' | |||||||
14. Supplemental Disclosure of Cash Flow Information | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(unaudited) | ||||||||
Supplemental disclosure of cash flow activities | ||||||||
Cash paid for income taxes | $ | 147 | $ | 108 | ||||
Cash paid for interest expense | $ | 127 | $ | 169 | ||||
Supplemental disclosure of non-cash investing activities | ||||||||
Common stock issued in connection with the acquisition of Transpera, Inc. | $ | — | $ | 863 | ||||
Supplemental disclosure of non-cash financing activities | ||||||||
Common stock issued in connection with the conversion of preferred stock | $ | 162,657 | $ | — | ||||
Common stock issued in connection with the Series F preferred stock deemed dividend | $ | 15,849 | $ | — | ||||
Reclassification of liability warrants to equity warrants | $ | 790 | $ | — | ||||
Segment_and_Geographic_Informa
Segment and Geographic Information | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment and Geographic Information | ' | |||||||||||||
Segment and Geographic Information | ' | |||||||||||||
15. Segment and Geographic Information | ||||||||||||||
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, in deciding how to allocate resources and assess performance. The Company’s chief operating decision maker is its Chief Executive Officer (“CEO”). The CEO reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company has concluded that its operations constitute one operating and reportable segment. | ||||||||||||||
Substantially all assets were held in the United States as of September 30, 2013 and December 31, 2012. The following table summarizes revenue generated through sales personnel employed by the Company’s U.S. and non-U.S. subsidiaries for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(unaudited) | ||||||||||||||
Revenue | ||||||||||||||
Domestic | $ | 34,517 | $ | 29,224 | $ | 93,221 | $ | 69,480 | ||||||
International | 750 | 950 | 2,276 | 3,172 | ||||||||||
Total | $ | 35,267 | $ | 30,174 | $ | 95,497 | $ | 72,652 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited interim consolidated financial statements and footnotes have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and applicable rules and regulations of the Securities and Exchange Commissions (the “SEC”) regarding unaudited interim financial information. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s consolidated balance sheets, statements of operations, comprehensive loss, mandatorily redeemable convertible preferred stock and changes in stockholders’ equity (deficit) and cash flows for the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of the results of operations to be expected for the full year due to seasonal and other factors. Certain information and footnote disclosures normally included in the consolidated financial statements in accordance with US GAAP have been omitted in accordance with the rules and regulations of the SEC. Accordingly, these unaudited interim consolidated financial statements and footnotes should be read in conjunction with the consolidated financial statements and accompanying notes thereto included in the Company’s prospectus dated June 26, 2013, filed with the SEC on June 27, 2013 pursuant to Rule 424(b)(4) under the Securities Act (“Prospectus”). | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company balances and transactions have been eliminated in the accompanying unaudited interim consolidated financial statements. | |
Initial Public Offering | ' |
Initial Public Offering | |
On July 2, 2013, the Company closed its initial public offering (“IPO”) of common stock in which the Company issued and sold 7,500,000 shares of common stock. Upon closing of the IPO, all of the Company’s outstanding mandatorily redeemable convertible preferred stock (“preferred stock”) automatically converted into 34,172,316 shares of common stock, which includes a one-time $15,849 non-cash preferred stock deemed dividend related to 1,584,863 of additional shares of common stock in connection with to the Series F preferred stock ratchet provision (refer to note 10), and all of the Company’s outstanding Series II common stock automatically converted into 1,052,464 shares of common stock. In addition, the outstanding warrants to purchase preferred stock automatically converted into warrants to purchase 142,534 shares of common stock, and the warrants to purchase preferred stock liability of $790, which includes a $136 adjustment for the change in fair value from July 1, 2013 through July 2, 2013, was reclassified to additional paid-in capital. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
FASB Accounting Standards Update No. 2013-02 — Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued new authoritative guidance requiring new disclosures about reclassifications from accumulated other comprehensive income to net loss. This new guidance requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the financial statements where net loss is presented or in the notes thereto, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net loss but only if the amount reclassified is required under US GAAP to be reclassified to net loss in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net loss, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional detail about those amounts. The new guidance is effective prospectively for annual and interim periods beginning after December 15, 2012. The Company adopted this guidance in its interim period beginning April 1, 2013. The adoption of this new guidance did not have a material impact on its unaudited interim consolidated financial statements and the required disclosures are provided in note 11. | |
Revenue Recognition and Deferred Revenue | ' |
Revenue Recognition and Deferred Revenue | |
The Company generates revenue primarily from the delivery of in-stream video advertisements for brand advertisers and agencies through the Tremor Video Network. The Company also generates revenue from selling licenses to advertisers, agencies and publishers. Revenue is recognized when the related services are delivered based on the specific terms of the contract, which are commonly based on the number of impressions delivered or by the actions of the viewers. The Company recognizes revenue when four basic criteria are met: (1) persuasive evidence exists of an arrangement with the client reflecting the terms and conditions under which the services will be provided; (2) services have been provided or delivery has occurred; (3) the fee is fixed or determinable; and (4) collection is reasonably assured. Collectability is assessed based on a number of factors, including the creditworthiness of a client and transaction history. Amounts billed or collected in excess of revenue recognized are included as deferred revenue. | |
The Company recognizes revenue from the delivery of video ads in the period in which the video ads are delivered. Specifically, revenue is recognized for video ad delivery through the Tremor Video Network upon either the delivery of each impression served for CPM-priced ad campaigns, delivery of each impression served to a target demographic as validated by a third-party for ad campaigns priced on a CPM-basis with a guaranteed demographic reach, engagement by the viewer with a video ad for cost per engagement (“CPE”) priced ad campaigns, or the completion of a video ad by the viewer for cost per video completed (“CPVC”) priced ad campaigns. | |
In the normal course of business, the Company acts as an intermediary in executing transactions with third parties. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company is acting as the principal or an agent in the Company’s transactions. In determining whether the Company acts as the principal or an agent, the Company follows the accounting guidance for principal-agent considerations. The determination of whether the Company is acting as a principal or an agent in a transaction involves judgment and is based on an evaluation of the terms of each arrangement. While none of the factors individually are considered presumptive or determinative, because the Company is the primary obligor and is responsible for (1) identifying and contracting with third-party advertisers, (2) establishing the selling prices of the video ads sold, (3) performing all billing and collection activities, including retaining credit risk, and (4) bearing sole responsibility for fulfillment of the advertising, the Company acts as the principal in these arrangements and therefore reports revenue earned and costs incurred related to these transactions on a gross basis. | |
The license fees for VHA and the Company’s publisher solutions are based on the number of impressions being analyzed through these solutions. The Company recognizes revenue with respect to these solutions on a cost per impression basis based on the number of impressions being analyzed in a given month. Typically, the Company’s license terms are for one year periods. In limited cases, the Company charges a minimum monthly fee. | |
Deferred revenue arises as a result of differences between the timing of revenue recognition and receipt of cash from the Company’s clients. As of September 30, 2013 and December 31, 2012 there were $194 and $210, respectively, of services for which cash payments were received in advance of the Company’s performance of the service under the arrangement and recorded as deferred revenue in the accompanying consolidated balance sheets. | |
Cost of Revenue | ' |
Cost of Revenue | |
Cost of revenue primarily represents the video advertising inventory costs under the Company’s publisher contracts, third party hosting fees and third party serving fees incurred to deliver the video ads run through the Tremor Video Network. Cost of revenue also includes costs of licenses from third party data providers utilized in the Company’s VHA solution. Substantially all of the Company’s cost of revenue is attributable to video advertising inventory costs under its publisher contracts. Cost of revenue is recognized on a publisher-by-publisher basis at the same time that the associated advertising revenue is recognized. Substantially all of the Company’s exclusive publisher contracts contain minimum percentage fill rates on qualified video ad requests, which effectively means that the Company must purchase this inventory even if the Company lacks a video advertising campaign to deliver to these video ad impressions. The Company recognizes the difference between the contractually required fill rate and the number of video ads actually delivered on the publisher’s website, if any, as a cost of revenue as of the end of each applicable monthly period. Historically, the impact of the difference between the contractually required fill rate and the number of ads delivered has not been material. Costs owed to publishers but not yet paid are recorded in the consolidated balance sheets as accounts payable and accrued expenses. | |
Concentrations of Credit Risk | ' |
Concentrations 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. All of the Company’s cash and cash equivalents are held at financial institutions that management believes to be of high credit quality. The Company’s cash and cash equivalent accounts exceed federally insured limits at times. 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 clients and maintains an allowance for doubtful accounts. | |
During the three and nine months ended September 30, 2013, there was one advertiser that accounted for approximately 10.5% and 10.7% of revenue, respectively. During the three and nine months ended September 30, 2012, there were no advertisers that accounted for more than 10% of revenue. | |
As of September 30, 2013 and December 31, 2012, there were no advertisers that accounted for more than 10% of outstanding accounts receivables. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of the assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||
Balance at | ||||||||||||||
December 31, | ||||||||||||||
2012 | Level 1 | Level 2 | Level 3 | |||||||||||
Liabilities | ||||||||||||||
Warrants to purchase preferred stock(1) | $ | 1,103 | $ | — | $ | — | $ | 1,103 | ||||||
Total warrants to purchase preferred stock | $ | 1,103 | $ | — | $ | — | $ | 1,103 | ||||||
(1) The Company used an option pricing model to determine the fair value of the warrants to purchase preferred stock. Significant inputs included an estimate of the fair value of the Company’s preferred stock as of December 31, 2012, the remaining contractual life of the warrant, a risk-free rate of interest, and an estimate of the Company’s stock volatility using the volatilities of guideline peer companies. In connection with the Company’s IPO, these warrants to purchase preferred stock were adjusted to fair value through July 2, 2013 and were subsequently reclassified to additional paid-in capital (refer to note 8). | ||||||||||||||
Schedule of changes in the Company's Level 3 instruments measured at fair value on a recurring basis | ' | |||||||||||||
Warrants to Purchase Preferred Stock | ||||||||||||||
2013 | 2012 | |||||||||||||
(unaudited) | ||||||||||||||
Beginning balance at July 1, | $ | 926 | $ | 1,113 | ||||||||||
Mark-to-market income before reclassifications | (136 | ) | (5 | ) | ||||||||||
Reclassification to additional paid-in capital | (790 | ) | — | |||||||||||
Ending balance at September 30, | $ | — | $ | 1,108 | ||||||||||
Warrants to Purchase Preferred Stock | ||||||||||||||
2013 | 2012 | |||||||||||||
(unaudited) | ||||||||||||||
Beginning balance at January 1, | $ | 1,103 | $ | 1,127 | ||||||||||
Mark-to-market income before reclassifications | (313 | ) | (19 | ) | ||||||||||
Reclassification to additional paid-in capital | (790 | ) | — | |||||||||||
Ending balance at September 30, | $ | — | $ | 1,108 | ||||||||||
Contingent | ||||||||||||||
Consideration on | ||||||||||||||
Acquisition(1) | ||||||||||||||
2012 | ||||||||||||||
(unaudited) | ||||||||||||||
Beginning balance at January 1, | $ | 817 | ||||||||||||
Mark-to-market expense before reclassifications | 46 | |||||||||||||
Settlement of contingent consideration | (863 | ) | ||||||||||||
Ending balance at September 30, | $ | — | ||||||||||||
(1) On February 11, 2011, the Company acquired all of the outstanding equity of Transpera. The purchase price included contingent consideration consisting of up to 169,131 shares of the Company’s common stock payable on the one year anniversary of the closing of the acquisition based on certain performance criteria being achieved. In arriving at the value of the contingent consideration, the Company used a valuation model based on future expectations combined with management’s judgment. In the then-absence of a public trading market, the Company exercised judgment and considered numerous objective and subjective factors to determine the fair value of the Company’s common stock. |
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Prepaid Expenses and Other Current Assets | ' | |||||||
Schedule of prepaid expenses and other current assets | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(unaudited) | ||||||||
Prepaid expenses | $ | 856 | $ | 790 | ||||
Prepaid insurance | 630 | 8 | ||||||
Prepaid taxes | 314 3 | 155 | ||||||
Other current assets | 1 | — | ||||||
Total prepaid expenses and other current assets | $ | 1,801 | $ | 953 | ||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property and Equipment, Net | ' | |||||||
Schedule of property and equipment | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(unaudited) | ||||||||
Cost: | ||||||||
Computer hardware | $ | 3,343 | $ | 2,885 | ||||
Leasehold improvements | 1,219 | 849 | ||||||
Furniture and fixtures | 1,077 | 765 | ||||||
Computer software | 475 | 545 | ||||||
Office equipment | 61 | 28 | ||||||
6,175 | 5,072 | |||||||
Accumulated depreciation | (3,342 | ) | (3,077 | ) | ||||
Total property and equipment, net of accumulated depreciation | $ | 2,833 | $ | 1,995 | ||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounts Payable and Accrued Expenses | ' | |||||||
Schedule of accounts payable and accrued expenses | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(unaudited) | ||||||||
Trade accounts payable | $ | 23,386 | $ | 15,191 | ||||
Accrued compensation, benefits and payroll taxes | 3,772 | 3,627 | ||||||
Accrued cost of sales | 1,084 | 1,058 | ||||||
Other payables and accrued expenses | 1,850 | -1 | 1,199 | |||||
Total accounts payable and accrued expenses | $ | 30,092 | $ | 21,075 | ||||
(1) Includes approximately $1,782 of expenses incurred in connection with the Company’s IPO. |
Warrants_to_Purchase_Preferred1
Warrants to Purchase Preferred Stock and Common Stock (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Preferred stock | ' | |||||||||||||
Warrants to Purchase Preferred Stock and Common Stock | ' | |||||||||||||
Summary of the Company's outstanding warrants to purchase stock | ' | |||||||||||||
Fair Value | ||||||||||||||
as of | ||||||||||||||
Grant | Expiration | Exercise | Warrants | December 31, | ||||||||||
Date | Date | Price | Outstanding | 2012 | ||||||||||
Series A | June 7, 2007 | June 7, 2017 | $ | 1.27 | 35,520 | $ | 299 | |||||||
Series B-1 | December 8, 2008 | December 7, 2018 | $ | 4.86 | 33,930 | 246 | ||||||||
Series C | February 8, 2010 | February 8, 2020 | $ | 3.79 | 31,659 | 245 | ||||||||
Series 1 | December 8, 2010 | June 30, 2017 | $ | 2.46 | 31,130 | 256 | ||||||||
Series 3 | December 8, 2010 | February 6, 2015 | $ | 5.75 | 8,694 | 57 | ||||||||
Totals | 140,933 | $ | 1,103 | |||||||||||
Common stock | ' | |||||||||||||
Warrants to Purchase Preferred Stock and Common Stock | ' | |||||||||||||
Summary of the Company's outstanding warrants to purchase stock | ' | |||||||||||||
Grant | Expiration | Exercise | Warrants | |||||||||||
Date | Date | Price | Outstanding | |||||||||||
December 8, 2010 | June 30, 2017 | $ | 2.46 | 31,130 | ||||||||||
December 8, 2010 | February 6, 2015 | $ | 5.75 | 8,694 | ||||||||||
39,824 | ||||||||||||||
Preferred_Stock_Common_Stock_a1
Preferred Stock, Common Stock and Stockholders' Equity (Deficit) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Preferred Stock, Common Stock and Stockholders' Equity (Deficit) | ' | ||||||||||||||||
Schedule of preferred stock | ' | ||||||||||||||||
Series | Issued | Authorized | Issued and | Original | Liquidation | Carrying | |||||||||||
Outstanding | Issue | Preference | Value | ||||||||||||||
Price | as of | ||||||||||||||||
December 31, | |||||||||||||||||
2012 | |||||||||||||||||
Series A | September 2006 | 6,861,975 | 6,826,451 | $ | 1.2669 | $ | 8,648 | $ | 8,402 | ||||||||
Series B | December 2007 | 3,500,732 | 3,500,729 | $ | 3.1422 | $ | 11,000 | 10,949 | |||||||||
Series B-1 | May 2008 | 548,032 | 514,102 | $ | 4.8629 | $ | 2,500 | 2,479 | |||||||||
Series C | February and | 5,308,216 | 5,276,554 | $ | 3.7904 | $ | 20,000 | 19,932 | |||||||||
Series D | April 2010 | 5,453,975 | 5,453,970 | $ | 7.3341 | $ | 40,000 | 39,931 | |||||||||
Series E | December 2010 | 238,000 | 236,108 | $ | 8.0051 | $ | 1,890 | 1,890 | |||||||||
Series 1 | December 2010 | 979,333 | 947,711 | $ | 2.4575 | $ | 2,329 | 5,217 | |||||||||
Series 2 | December 2010 | 1,822,000 | 1,821,455 | $ | 4.1387 | $ | 7,538 | 12,404 | |||||||||
Series 3 | December 2010 | 937,333 | 928,054 | $ | 5.7507 | $ | 5,337 | 7,517 | |||||||||
Series 4 | December 2010 | 3,093,333 | 3,092,932 | $ | 2.7548 | $ | 8,520 | 17,722 | |||||||||
Series F | September 2011 | 4,000,000 | 3,965,126 | $ | 9.3314 | $ | 37,000 | 36,023 | |||||||||
32,742,929 | 32,563,192 | $ | 162,466 | ||||||||||||||
Schedule of dividends at annual rates | ' | ||||||||||||||||
Series | Dividend Rate | ||||||||||||||||
Series A | $ | 0.1014 | |||||||||||||||
Series B | $ | 0.2514 | |||||||||||||||
Series B-1 | $ | 0.3891 | |||||||||||||||
Series C | $ | 0.3033 | |||||||||||||||
Series D | $ | 0.5868 | |||||||||||||||
Series E | $ | 0.64035 | |||||||||||||||
Series 1 | $ | 0.19665 | |||||||||||||||
Series 2 | $ | 0.33105 | |||||||||||||||
Series 3 | $ | 0.46005 | |||||||||||||||
Series 4 | $ | 0.22035 | |||||||||||||||
Series F | $ | 0.74655 | |||||||||||||||
Schedule of the common stock | ' | ||||||||||||||||
Authorized | Outstanding | ||||||||||||||||
as of | as of | ||||||||||||||||
Series | December 31, 2012 | December 31, 2012 | |||||||||||||||
Common stock | 50,000,000 | 6,674,905 | |||||||||||||||
Series II | 2,333,333 | 1,047,357 | |||||||||||||||
Total common stock | 52,333,333 | 7,722,262 | |||||||||||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||||
Schedule of components of accumulated other comprehensive income | ' | ||||||||||
Unrealized | |||||||||||
Gain On | |||||||||||
Foreign | Short-term | ||||||||||
Currency | Investments | ||||||||||
Translation | Available | ||||||||||
Adjustment | For Sale | Total | |||||||||
Beginning Balance at July 1, 2013 | $ | 195 | $ | — | $ | 195 | |||||
Other comprehensive income before reclassifications | 50 | — | 50 | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Ending Balance at September 30, 2013 | $ | 245 | $ | — | $ | 245 | |||||
Unrealized | |||||||||||
Gain On | |||||||||||
Foreign | Short-term | ||||||||||
Currency | Investments | ||||||||||
Translation | Available | ||||||||||
Adjustment | For Sale | Total | |||||||||
Beginning Balance at July 1, 2012 | $ | 392 | $ | — | $ | 392 | |||||
Other comprehensive loss before reclassifications | (25 | ) | — | (25 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Ending Balance at September 30, 2012 | $ | 367 | $ | — | $ | 367 | |||||
Unrealized | |||||||||||
Gain On | |||||||||||
Foreign | Short-term | ||||||||||
Currency | Investments | ||||||||||
Translation | Available | ||||||||||
Adjustment | For Sale | Total | |||||||||
Beginning Balance at January 1, 2013 | $ | 345 | $ | — | $ | 345 | |||||
Other comprehensive loss before reclassifications | (100 | ) | — | (100 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | ||||||||
Ending Balance at September 30, 2013 | $ | 245 | $ | — | $ | 245 | |||||
Unrealized | |||||||||||
Gain On | |||||||||||
Foreign | Short-term | ||||||||||
Currency | Investments | ||||||||||
Translation | Available | ||||||||||
Adjustment | For Sale | Total | |||||||||
Beginning Balance at January 1, 2012 | $ | 403 | $ | (7 | ) | $ | 396 | ||||
Other comprehensive loss before reclassifications | (36 | ) | — | (36 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | — | 7 | 7 | ||||||||
Ending Balance at September 30, 2012 | $ | 367 | $ | — | $ | 367 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Schedule of the stock-based compensation expense | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(unaudited) | |||||||||||||||||
Technology and development | $ | 142 | $ | 106 | $ | 391 | $ | 312 | |||||||||
Sales and marketing | 317 | 247 | 883 | 776 | |||||||||||||
General and administrative | 459 | 375 | 1,145 | 1,131 | |||||||||||||
Total stock-based compensation expense | $ | 918 | $ | 728 | $ | 2,419 | $ | 2,219 | |||||||||
Summary of the Company's stock option award activity under all plans and related information, without regard for estimated forfeitures | ' | ||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
Average | Average | Average | |||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||
Price | Price | Price | |||||||||||||||
Exercisable | Per Share | Non-vested | Per Share | Outstanding | Per Share | ||||||||||||
Stock option awards outstanding as of December 31, 2012 | 3,895,442 | $ | 2.36 | 2,984,477 | $ | 4.55 | 6,879,919 | $ | 3.3 | ||||||||
Stock option awards granted | — | $ | — | 860,380 | $ | 7.52 | 860,380 | $ | 7.52 | ||||||||
Stock option awards forfeited | (69,162 | ) | $ | 4.06 | (320,191 | ) | $ | 4.96 | (389,353 | ) | $ | 4.8 | |||||
Stock option awards exercised | (180,163 | ) | $ | 2.73 | — | $ | — | (180,163 | ) | $ | 2.73 | ||||||
Stock option awards vested | 918,653 | $ | 3.98 | (918,653 | ) | $ | 3.98 | — | $ | — | |||||||
Stock option awards outstanding as of September 30, 2013 | 4,564,770 | $ | 2.64 | 2,606,013 | $ | 5.67 | 7,170,783 | $ | 3.74 | ||||||||
Summary of the Company's restricted stock unit award activity | ' | ||||||||||||||||
Weighted Average | |||||||||||||||||
Restricted | Grant Date | ||||||||||||||||
Stock Unit | Fair Value | ||||||||||||||||
Awards | Per Share | ||||||||||||||||
Restricted stock unit awards outstanding as of December 31, 2012 | — | $ | — | ||||||||||||||
Restricted stock unit awards granted | 80,119 | $ | 9.67 | ||||||||||||||
Restricted stock unit awards forfeited | (10,000 | ) | $ | 10 | |||||||||||||
Restricted stock unit awards restriction lapses | — | $ | — | ||||||||||||||
Restricted stock unit awards outstanding as of September 30, 2013 | 70,119 | $ | 9.63 | ||||||||||||||
Restricted | |||||||||||||||||
Stock Unit | |||||||||||||||||
Awards | |||||||||||||||||
Aggregate grant date fair value of restricted stock unit awards outstanding as of September 30, 2013 | $ | 675 | |||||||||||||||
Number of restricted stock unit awards vested during the nine months ended September 30, 2013 | — | ||||||||||||||||
Number of restricted stock unit awards non-vested as of September 30, 2013 | 70,119 | ||||||||||||||||
Net_Loss_Attributable_to_Commo1
Net Loss Attributable to Common Stockholders Per Share of Common Stock (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Net Loss Attributable to Common Stockholders Per Share of Common Stock | ' | |||||||||||||
Schedule of basic and diluted net loss attributable to common stockholders per share | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(unaudited) | ||||||||||||||
Numerator: | ||||||||||||||
Net loss | $ | (2,243 | ) | $ | (1,675 | ) | $ | (7,675 | ) | $ | (15,582 | ) | ||
Series F preferred stock deemed dividend | (15,849 | ) | — | (15,849 | ) | — | ||||||||
Net loss attributable to common stockholders | $ | (18,092 | ) | $ | (1,675 | ) | $ | (23,524 | ) | $ | (15,582 | ) | ||
Denominator: | ||||||||||||||
Weighted average number of shares of common stock outstanding for basic and diluted net loss attributable to common stockholders per share | 49,115,766 | 7,541,832 | 21,686,759 | 7,440,430 | ||||||||||
Basic and diluted net loss attributable to common stockholders per share | $ | (0.37 | ) | $ | (0.22 | ) | $ | (1.08 | ) | $ | (2.09 | ) | ||
Schedule of securities excluded from the calculation of diluted net loss attributable to common stockholders per share | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(unaudited) | ||||||||||||||
Warrants to purchase preferred stock | — | 140,933 | — | 140,933 | ||||||||||
Warrants to purchase common stock | 39,824 | — | 39,824 | — | ||||||||||
Preferred stock | — | 32,563,192 | — | 32,563,192 | ||||||||||
Stock option awards | 7,170,783 | 6,800,481 | 7,170,783 | 6,800,481 | ||||||||||
Restricted stock unit awards | 70,119 | — | 70,119 | — | ||||||||||
Total anti-dilutive securities | 7,280,726 | 39,504,606 | 7,280,726 | 39,504,606 | ||||||||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Disclosure of Cash Flow Information | ' | |||||||
Schedule of supplemental cash flow information | ' | |||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
(unaudited) | ||||||||
Supplemental disclosure of cash flow activities | ||||||||
Cash paid for income taxes | $ | 147 | $ | 108 | ||||
Cash paid for interest expense | $ | 127 | $ | 169 | ||||
Supplemental disclosure of non-cash investing activities | ||||||||
Common stock issued in connection with the acquisition of Transpera, Inc. | $ | — | $ | 863 | ||||
Supplemental disclosure of non-cash financing activities | ||||||||
Common stock issued in connection with the conversion of preferred stock | $ | 162,657 | $ | — | ||||
Common stock issued in connection with the Series F preferred stock deemed dividend | $ | 15,849 | $ | — | ||||
Reclassification of liability warrants to equity warrants | $ | 790 | $ | — | ||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Segment and Geographic Information | ' | |||||||||||||
Summary of the revenue generated through sales personnel employed by the Company's U.S. and non-U.S. subsidiaries | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
(unaudited) | ||||||||||||||
Revenue | ||||||||||||||
Domestic | $ | 34,517 | $ | 29,224 | $ | 93,221 | $ | 69,480 | ||||||
International | 750 | 950 | 2,276 | 3,172 | ||||||||||
Total | $ | 35,267 | $ | 30,174 | $ | 95,497 | $ | 72,652 | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jul. 02, 2013 | Sep. 30, 2013 |
Summary of Significant Accounting Policies | ' | ' |
Common stock sold and issued in IPO (in shares) | 7,500,000 | ' |
Initial Public Offering | ' | ' |
Number of warrants to purchase common stock, issued on conversion of warrants to purchase mandatorily redeemable convertible preferred stock | 142,534 | ' |
Warrants for purchase of mandatorily redeemable convertible preferred stock liability reclassified to additional paid-in capital | ' | $790 |
IPO - conversion of mandatorily redeemable convertible preferred stock | ' | ' |
Initial Public Offering | ' | ' |
Warrants for purchase of mandatorily redeemable convertible preferred stock liability reclassified to additional paid-in capital | 790 | ' |
Warrants for purchase of mandatorily redeemable convertible preferred stock liability reclassified to additional paid-in capital, portion due to change in fair value | 136 | ' |
IPO - conversion of mandatorily redeemable convertible preferred stock, Series F | ' | ' |
Initial Public Offering | ' | ' |
Common stock issued in connection with the one-time non-cash preferred stock deemed dividend | 15,849 | ' |
Common Stock | IPO - conversion of mandatorily redeemable convertible preferred stock | ' | ' |
Initial Public Offering | ' | ' |
Common stock issued against convertible stock (in shares) | 34,172,316 | ' |
Common Stock | IPO - conversion of mandatorily redeemable convertible preferred stock, Series F | ' | ' |
Initial Public Offering | ' | ' |
Common stock issued against convertible stock (in shares) | 5,549,989 | ' |
Shares of common stock issued on conversion related to the ratchet provision | 1,584,863 | ' |
Common Stock | IPO - conversion of Series II common stock | ' | ' |
Initial Public Offering | ' | ' |
Common stock issued against convertible stock (in shares) | 1,052,464 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details 2) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Revenue | Revenue | |||
Advertiser concentration | Advertiser concentration | |||
item | ||||
Revenue Recognition | ' | ' | ' | ' |
Term of license | '1 year | ' | ' | ' |
Deferred revenue | $194 | $210 | ' | ' |
Concentrations of credit risk | ' | ' | ' | ' |
Number of advertisers that account for more than 10% revenue | ' | ' | ' | 1 |
Revenue concentration | ' | ' | 10.50% | 10.70% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Fair Value Measurements | ' |
Warrants to purchase preferred stock | $1,103 |
Recurring | Total | ' |
Fair Value Measurements | ' |
Warrants to purchase preferred stock | 1,103 |
Recurring | Level 3 | ' |
Fair Value Measurements | ' |
Warrants to purchase preferred stock | $1,103 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Feb. 11, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 |
Transpera, Inc | Recurring | Recurring | Recurring | Recurring | Recurring | |
Warrants to Purchase Preferred Stock | Warrants to Purchase Preferred Stock | Warrants to Purchase Preferred Stock | Warrants to Purchase Preferred Stock | Contingent Consideration on Acquisition | ||
Changes in the company's Level 3 instruments measured at fair value | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | $926 | $1,113 | $1,103 | $1,127 | $817 |
Mark-to-market (income) expense before reclassifications | ' | -136 | -5 | -313 | -19 | 46 |
Reclassification to additional paid-in capital | ' | -790 | ' | -790 | ' | ' |
Settlement of contingent consideration | ' | ' | ' | ' | ' | -863 |
Balance at the end of the period | ' | ' | $1,108 | ' | $1,108 | ' |
Shares issuable upon satisfaction of the performance criteria | 169,131 | ' | ' | ' | ' | ' |
Period in which shares are payable as contingent consideration | '1 year | ' | ' | ' | ' | ' |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets | ' | ' |
Prepaid expenses | $856 | $790 |
Prepaid insurance | 630 | 8 |
Prepaid taxes | 314 | 155 |
Other current assets | 1 | ' |
Total prepaid expenses and other current assets | $1,801 | $953 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Property and equipment | ' | ' | ' | ' | ' |
Cost | $6,175 | ' | $6,175 | ' | $5,072 |
Accumulated depreciation | -3,342 | ' | -3,342 | ' | -3,077 |
Total property and equipment, net of accumulated depreciation | 2,833 | ' | 2,833 | ' | 1,995 |
Depreciation of property and equipment | 362 | 342 | 919 | 849 | ' |
Reduction to cost and accumulated depreciation of fully depreciated equipment and leasehold improvements no longer in use | ' | ' | 654 | 229 | ' |
Computer hardware | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' |
Cost | 3,343 | ' | 3,343 | ' | 2,885 |
Leasehold improvements | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' |
Cost | 1,219 | ' | 1,219 | ' | 849 |
Furniture and fixtures | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' |
Cost | 1,077 | ' | 1,077 | ' | 765 |
Computer software | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' |
Cost | 475 | ' | 475 | ' | 545 |
Office equipment | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' |
Cost | $61 | ' | $61 | ' | $28 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accounts Payable and Accrued Expenses | ' | ' |
Trade accounts payable | $23,386 | $15,191 |
Accrued compensation, benefits and payroll taxes | 3,772 | 3,627 |
Accrued cost of sales | 1,084 | 1,058 |
Other payables and accrued expenses | 1,850 | 1,199 |
Total accounts payable and accrued expenses | 30,092 | 21,075 |
Expenses incurred in connection with IPO | $1,782 | ' |
Credit_Facility_and_Accrued_In1
Credit Facility and Accrued Interest Expense (Details) (USD $) | 9 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Feb. 28, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 07, 2010 | Jul. 30, 2013 | Feb. 07, 2010 | Feb. 28, 2011 | Feb. 28, 2011 | Dec. 31, 2011 |
Revolving working capital credit facility | Revolving working capital credit facility | Revolving working capital credit facility | Revolving working capital credit facility | Revolving working capital credit facility | Revolving working capital credit facility | Revolving working capital credit facility | Revolving working capital credit facility | Revolving working capital credit facility | ||
Subsequent event | Minimum | Minimum | Prime rate | Prime rate | ||||||
Credit facility and accrued interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | $25,000 | $7,000 | ' | ' | ' | ' | ' |
Ratio of current assets to current liabilities (excluding deferred revenue) | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' |
Variable base rate | ' | ' | ' | ' | ' | ' | ' | ' | 'prime rate | 'prime rate |
Interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 0.50% |
Fee for unused portion (as a percent) | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' |
Average principal amount of borrowings per quarter for which no fee charged | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' |
Amount of fee charged if average principal amount of borrowing per quarter is maintained above a specified amount | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing base as a percentage of eligible accounts receivable | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | 6,000 | ' | ' | ' | ' | ' | ' | ' |
Repayments of principal borrowings and accrued interest expense | $6,000 | ' | ' | ' | ' | $6,033 | ' | ' | ' | ' |
Warrants_to_Purchase_Preferred2
Warrants to Purchase Preferred Stock and Common Stock (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 25, 2013 | Jul. 25, 2013 | Jul. 25, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 25, 2013 | Sep. 30, 2013 | Jul. 25, 2013 | Jul. 25, 2013 | Jul. 25, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Warrants expiring February 8, 2020 | Warrants expiring December 7, 2018 | Warrants expiring June 7, 2017 | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Preferred stock | Common stock | Common stock | Common stock | Common stock | Common stock | Common stock | Common stock | |||||||
Series A | Series A | Series B-1 | Series B-1 | Series C | Series C | Series 1 | Series 1 | Series 3 | Series 3 | Warrants expiring February 8, 2020 | Warrants expiring December 7, 2018 | Warrants expiring June 7, 2017 | Warrants expiring June 30, 2017 | Warrants expiring February 6, 2015 | ||||||||||||||
Warrants to purchase preferred stock and common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Exercise Price (in dollars per share) | ' | ' | ' | ' | ' | $3.79 | $4.64 | $1.27 | ' | ' | $1.27 | ' | $4.86 | ' | $3.79 | ' | $2.46 | ' | $5.75 | ' | ' | ' | ' | ' | ' | $2.46 | $5.75 | |
Warrants Outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 140,933 | ' | 35,520 | ' | 33,930 | ' | 31,659 | ' | 31,130 | ' | 8,694 | ' | ' | 39,824 | ' | ' | ' | 31,130 | 8,694 | |
Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,103 | ' | $299 | ' | $246 | ' | $245 | ' | $256 | ' | $57 | ' | ' | ' | ' | ' | ' | ' | |
Mark-to-market income related to the fair value measurement of the warrants | ' | $136 | $5 | $313 | $19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of warrants to purchase common stock, issued on conversion of warrants to purchase mandatorily redeemable convertible preferred stock | 142,534 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of shares of common stock issued on exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,607 | 16,210 | 30,250 | ' | ' | |
Common stock issued on exercise of warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,067 | 64,067 | [1],[2],[3] | ' | ' | ' | ' | ' |
Number of shares of common stock tendered to the Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,052 | 19,321 | 5,270 | ' | ' | |
[1] | All share amounts have been restated to reflect a 1-for-1.5 reverse stock split, refer to note 10. | |||||||||||||||||||||||||||
[2] | The Common Stock, as of December 31, 2012, included two series of Common Stock, refer to note 10. | |||||||||||||||||||||||||||
[3] | All share amounts have been restated to reflect the renaming of the Company's "Series I common stock" to "common stock", refer to note 10. |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | item | |
Letters of Credit | ' | ' |
Outstanding letters of credit | $600 | $1,221 |
Number of office spaces in New York, New York and Boston, Massachusetts | 2 | ' |
Legal Contingencies | ' | ' |
Reserves established for losses which are reasonably possible | $0 | $0 |
Preferred_Stock_Common_Stock_a2
Preferred Stock, Common Stock and Stockholders' Equity (Deficit) (Details) | 0 Months Ended | 9 Months Ended | ||
Jun. 13, 2013 | Sep. 30, 2013 | Jul. 02, 2013 | Dec. 31, 2012 | |
Preferred Stock, Common Stock and Stockholders' Equity (Deficit) | ' | ' | ' | ' |
Reverse stock split ratio | 0.67 | 0.67 | ' | ' |
Common Stock | ' | ' | ' | ' |
Common stock, shares authorized | ' | 250,000,000 | 250,000,000 | 52,333,333 |
Shares of preferred stock that may be issued | ' | 32,742,929 | 10,000,000 | 32,742,929 |
Common stock | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Common stock, shares authorized | ' | 250,000,000 | ' | 52,333,333 |
Series II common stock | ' | ' | ' | ' |
Common Stock | ' | ' | ' | ' |
Common stock, shares authorized | ' | 2,333,333 | ' | 2,333,333 |
Preferred_Stock_Common_Stock_a3
Preferred Stock, Common Stock and Stockholders' Equity (Deficit) (Details 2) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 02, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 02, 2013 | Jul. 02, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 02, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 02, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
item | item | IPO - conversion of mandatorily redeemable convertible preferred stock, Series F | Common stock | Common stock | Common stock | Series II common stock | Series II common stock | Series II common stock | Series A | Series A | Series B | Series B | Series B-1 | Series B-1 | Series B-1 | Series C | Series C | Series D | Series D | Series E | Series E | Series 1 | Series 1 | Series 2 | Series 2 | Series 3 | Series 3 | Series 4 | Series 4 | Series F | Series F | Series F | Preferred stock excluding Series B-1 | ||
IPO - conversion of mandatorily redeemable convertible preferred stock, Series F | item | item | item | Common stock | IPO - conversion of mandatorily redeemable convertible preferred stock, Series F | ||||||||||||||||||||||||||||||
IPO - conversion of mandatorily redeemable convertible preferred stock, Series F | |||||||||||||||||||||||||||||||||||
Mandatorily Redeemable Convertible Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized (in shares) | 10,000,000 | 32,742,929 | 32,742,929 | ' | ' | ' | ' | ' | ' | ' | 6,861,975 | 6,861,975 | 3,500,732 | 3,500,732 | 548,032 | 548,032 | ' | 5,308,216 | 5,308,216 | 5,453,975 | 5,453,975 | 238,000 | 238,000 | 979,333 | 979,333 | 1,822,000 | 1,822,000 | 937,333 | 937,333 | 3,093,333 | 3,093,333 | 4,000,000 | ' | 4,000,000 | ' |
Mandatorily redeemable convertible preferred stock, par value (in dollars per share) | ' | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issued (in shares) | ' | 32,563,192 | 32,563,192 | ' | ' | ' | ' | ' | ' | ' | 6,826,451 | 6,826,451 | 3,500,729 | 3,500,729 | 514,102 | 514,102 | ' | 5,276,554 | 5,276,554 | 5,453,970 | 5,453,970 | 236,108 | 236,108 | 947,711 | 947,711 | 1,821,455 | 1,821,455 | 928,054 | 928,054 | 3,092,932 | 3,092,932 | 3,965,126 | ' | 3,965,126 | ' |
Outstanding (in shares) | ' | 32,563,192 | 32,563,192 | ' | ' | ' | ' | ' | ' | ' | 6,826,451 | 6,826,451 | 3,500,729 | 3,500,729 | 514,102 | 514,102 | ' | 5,276,554 | 5,276,554 | 5,453,970 | 5,453,970 | 236,108 | 236,108 | 947,711 | 947,711 | 1,821,455 | 1,821,455 | 928,054 | 928,054 | 3,092,932 | 3,092,932 | 3,965,126 | ' | 3,965,126 | ' |
Original Issue Price (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.27 | $1.27 | $3.14 | $3.14 | $4.86 | $4.86 | ' | $3.79 | $3.79 | $7.33 | $7.33 | $8.01 | $8.01 | $2.46 | $2.46 | $4.14 | $4.14 | $5.75 | $5.75 | $2.75 | $2.75 | $9.33 | ' | $9.33 | ' |
Liquidation Preference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,648 | $8,648 | $11,000 | $11,000 | $2,500 | $2,500 | ' | $20,000 | $20,000 | $40,000 | $40,000 | $1,890 | $1,890 | $2,329 | $2,329 | $7,538 | $7,538 | $5,337 | $5,337 | $8,520 | $8,520 | $37,000 | ' | $37,000 | ' |
Carrying Value | ' | ' | 162,466 | ' | ' | ' | ' | ' | ' | ' | ' | 8,402 | ' | 10,949 | ' | 2,479 | ' | ' | 19,932 | ' | 39,931 | ' | 1,890 | ' | 5,217 | ' | 12,404 | ' | 7,517 | ' | 17,722 | ' | ' | 36,023 | ' |
Dividend Rate (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | ' | $0.25 | ' | $0.39 | ' | ' | $0.30 | ' | $0.59 | ' | $0.64 | ' | $0.20 | ' | $0.33 | ' | $0.46 | ' | $0.22 | ' | $0.75 | ' | ' | ' |
Common stock dividends declared or paid | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.04719 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3997 | ' | 1 |
Adjusted conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.67 | ' | ' |
Initial conversion ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Maximum initial public offering (IPO) price for the ratchet provision (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.00 | ' | ' | ' |
IPO price (in dollars per share) | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued in connection with the Series F preferred stock deemed dividend | ' | ' | ' | $15,849 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of classes of common stock | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value (in dollars per share) | ' | ' | $0.00 | ' | ' | $0.00 | $0.00 | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 250,000,000 | 250,000,000 | 52,333,333 | ' | ' | 250,000,000 | 52,333,333 | ' | 2,333,333 | 2,333,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | 49,638,808 | 7,722,262 | ' | ' | 49,638,808 | 7,722,262 | ' | 1,047,357 | 1,047,357 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of votes entitled per share | ' | ' | ' | ' | ' | 1 | ' | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued on automatic conversion of preferred stock (in shares) | ' | ' | ' | ' | 5,549,989 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | 1,584,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in accumulated other comprehensive Income | ' | ' | ' | ' |
Balance at the beginning of the period | $195 | $392 | $345 | $396 |
Other comprehensive income (loss) before reclassifications | 50 | -25 | -100 | -36 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | 7 |
Balance at the end of the period | 245 | 367 | 245 | 367 |
Foreign Currency Translation Adjustment | ' | ' | ' | ' |
Changes in accumulated other comprehensive Income | ' | ' | ' | ' |
Balance at the beginning of the period | 195 | 392 | 345 | 403 |
Other comprehensive income (loss) before reclassifications | 50 | -25 | -100 | -36 |
Balance at the end of the period | 245 | 367 | 245 | 367 |
Unrealized Gain (Loss) Short-term Investments Available For Sale | ' | ' | ' | ' |
Changes in accumulated other comprehensive Income | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | -7 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | $7 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stock-Based Compensation | ' | ' | ' | ' |
Stock-based compensation expense | $918 | $728 | $2,419 | $2,219 |
Technology and development | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Stock-based compensation expense | 142 | 106 | 391 | 312 |
Sales and marketing | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Stock-based compensation expense | 317 | 247 | 883 | 776 |
General and administrative | ' | ' | ' | ' |
Stock-Based Compensation | ' | ' | ' | ' |
Stock-based compensation expense | $459 | $375 | $1,145 | $1,131 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
item | item | Maximum | 2013 Plan | 2013 Plan | 2013 Plan | |
RSU | Maximum | |||||
Stock-Based Incentive Plans | ' | ' | ' | ' | ' | ' |
Number of stock-based incentive plans | 5 | 4 | ' | ' | ' | ' |
Number of stock-based incentive plans assumed as part of acquisition | 2 | 2 | ' | ' | ' | ' |
Vesting period | ' | ' | '4 years | ' | '1 year | '4 years |
Vesting percentage after one year | ' | ' | ' | 25.00% | 100.00% | ' |
Period after which the first 25% of the grant vesting | ' | ' | ' | '1 year | ' | ' |
Expiration period | ' | ' | '10 years | ' | ' | '10 years |
Number of shares of common stock available for issuance | ' | ' | ' | 972,139 | ' | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Exercisable | ' |
Stock option awards outstanding at the beginning of the period (in shares) | 3,895,442 |
Stock option awards forfeited (in shares) | -69,162 |
Stock option awards exercised (in shares) | -180,163 |
Stock option awards vested (in shares) | 918,653 |
Stock option awards outstanding at the end of the period (in shares) | 4,564,770 |
Weighted average exercise price | ' |
Stock option awards outstanding at the beginning of the period (in dollars per share) | $2.36 |
Stock option awards forfeited (in dollars per share) | $4.06 |
Stock option awards exercised (in dollars per share) | $2.73 |
Stock option awards vested (in dollars per share) | $3.98 |
Stock option awards outstanding at the end of the period (in dollars per share) | $2.64 |
Non-vested | ' |
Stock option awards outstanding at the beginning of the period (in shares) | 2,984,477 |
Stock option awards granted (in shares) | 860,380 |
Stock option awards forfeited (in shares) | -320,191 |
Stock option awards vested (in shares) | -918,653 |
Stock option awards outstanding at the end of the period (in shares) | 2,606,013 |
Weighted average exercise price | ' |
Stock option awards outstanding at the beginning of the period (in dollars per share) | $4.55 |
Stock option awards granted (in dollars per share) | $7.52 |
Stock option awards forfeited (in dollars per share) | $4.96 |
Stock option awards vested (in dollars per share) | $3.98 |
Stock option awards outstanding at the end of the period (in dollars per share) | $5.67 |
Outstanding | ' |
Stock option awards outstanding at the beginning of the period (in shares) | 6,879,919 |
Stock option awards granted (in shares) | 860,380 |
Stock option awards forfeited (in shares) | -389,353 |
Stock option awards exercised (in shares) | -180,163 |
Stock option awards outstanding at the end of the period (in shares) | 7,170,783 |
Weighted average exercise price | ' |
Stock option awards outstanding at the beginning of the period (in dollars per share) | $3.30 |
Stock option awards granted (in dollars per share) | $7.52 |
Stock option awards forfeited (in dollars per share) | $4.80 |
Stock option awards exercised (in dollars per share) | $2.73 |
Stock option awards outstanding at the end of the period (in dollars per share) | $3.74 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 4) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Stock-Based Incentive Plans | ' |
Weighted average grant date fair values of option awards granted (in dollars per share) | $3.76 |
Cliff period | '1 year |
Total intrinsic values of options exercised | $993 |
Cash received from options exercised | 492 |
Total fair value of shares vested | 1,930 |
Unrecognized compensation cost related to non-vested share based compensation arrangements | $5,896 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | '2 years 8 months 5 days |
Maximum | ' |
Stock-Based Incentive Plans | ' |
Vesting period | '4 years |
Expiration period | '10 years |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details 5) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Weighted Average Grant Date Fair Value (per share) | ' |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | '2 years 8 months 5 days |
RSU | ' |
Restricted Stock Unit Awards | ' |
Restricted stock Stock unit awards granted (In shares) | 80,119 |
Restricted stock unit awards forfeited (in shares) | -10,000 |
Balance at the end of the period | 70,119 |
Weighted Average Grant Date Fair Value (per share) | ' |
Restricted stock Stock unit awards granted (in dollars per share) | 9.67 |
Restricted stock unit awards forfeited (in dollars per share) | 10 |
Balance at the end of the period (in dollars per share) | 9.63 |
Aggregate grant date fair value of restricted stock unit awards outstanding | 675 |
Unrecognized compensation cost | 566 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | '1 year |
Net_Loss_Attributable_to_Commo2
Net Loss Attributable to Common Stockholders Per Share of Common Stock (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net loss | ($2,243) | ($1,675) | ($7,675) | ($15,582) |
Series F preferred stock deemed dividend | -15,849 | ' | -15,849 | ' |
Net loss attributable to common stockholders | ($18,092) | ($1,675) | ($23,524) | ($15,582) |
Denominator: | ' | ' | ' | ' |
Weighted average number of shares of common stock outstanding for basic and diluted net loss attributable to common stockholders per share (in dollars) | 49,115,766 | 7,541,832 | 21,686,759 | 7,440,430 |
Basic and diluted net loss attributable to common stockholders per share (in dollars per share) | ($0.37) | ($0.22) | ($1.08) | ($2.09) |
Securities excluded from the calculation of weighted average common shares outstanding | ' | ' | ' | ' |
Anti-dilutive securities excluded in the computation of diluted earnings per share (in shares) | 7,280,726 | 39,504,606 | 7,280,726 | 39,504,606 |
Warrants to purchase preferred stock | ' | ' | ' | ' |
Securities excluded from the calculation of weighted average common shares outstanding | ' | ' | ' | ' |
Anti-dilutive securities excluded in the computation of diluted earnings per share (in shares) | ' | 140,933 | ' | 140,933 |
Warrants to purchase common stock | ' | ' | ' | ' |
Securities excluded from the calculation of weighted average common shares outstanding | ' | ' | ' | ' |
Anti-dilutive securities excluded in the computation of diluted earnings per share (in shares) | 39,824 | ' | 39,824 | ' |
Preferred stock | ' | ' | ' | ' |
Securities excluded from the calculation of weighted average common shares outstanding | ' | ' | ' | ' |
Anti-dilutive securities excluded in the computation of diluted earnings per share (in shares) | ' | 32,563,192 | ' | 32,563,192 |
Stock option awards | ' | ' | ' | ' |
Securities excluded from the calculation of weighted average common shares outstanding | ' | ' | ' | ' |
Anti-dilutive securities excluded in the computation of diluted earnings per share (in shares) | 7,170,783 | 6,800,481 | 7,170,783 | 6,800,481 |
Restricted stock unit awards | ' | ' | ' | ' |
Securities excluded from the calculation of weighted average common shares outstanding | ' | ' | ' | ' |
Anti-dilutive securities excluded in the computation of diluted earnings per share (in shares) | 70,119 | ' | 70,119 | ' |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental disclosure of cash flows activities | ' | ' | ' |
Cash paid for income taxes | ' | $147 | $108 |
Cash paid for interest expense | ' | 127 | 169 |
Supplemental disclosure of non-cash investing activities | ' | ' | ' |
Common stock issued in connection with the acquisition of Transpera, Inc. | ' | ' | 863 |
Supplemental disclosure of non-cash financing activities | ' | ' | ' |
Common stock issued in connection with the conversion of preferred stock | ' | 162,657 | ' |
Common stock issued in connection with the Series F preferred stock deemed dividend | 15,849 | 15,849 | ' |
Reclassification of liability warrants to equity warrants | ' | $790 | ' |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
item | ||||
Segment and Geographic Information | ' | ' | ' | ' |
Number of operating segments | ' | ' | 1 | ' |
Number of reportable segments | ' | ' | 1 | ' |
Segment and geographic information | ' | ' | ' | ' |
Revenue | $35,267 | $30,174 | $95,497 | $72,652 |
Domestic | ' | ' | ' | ' |
Segment and geographic information | ' | ' | ' | ' |
Revenue | 34,517 | 29,224 | 93,221 | 69,480 |
International | ' | ' | ' | ' |
Segment and geographic information | ' | ' | ' | ' |
Revenue | $750 | $950 | $2,276 | $3,172 |