Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 9-May-14 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'TREMOR VIDEO INC. | ' |
Entity Central Index Key | '0001375796 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
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 | ' | 50,344,509 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $87,288 | $92,691 |
Accounts receivable, net of allowance for doubtful accounts of $931 and $959 as of March 31, 2014 and December 31, 2013, respectively | 40,261 | 41,458 |
Prepaid expenses and other current assets | 1,680 | 1,912 |
Total current assets | 129,229 | 136,061 |
Long-term assets: | ' | ' |
Restricted cash | 600 | 600 |
Property and equipment, net of accumulated depreciation of $3,995 and $3,618 as of March 31, 2014 and December 31, 2013, respectively | 3,967 | 3,388 |
Intangible assets, net of accumulated amortization of $16,522 and $15,313 as of March 31, 2014 and December 31, 2013, respectively | 19,178 | 20,387 |
Goodwill | 29,719 | 29,719 |
Deferred tax assets | 189 | 189 |
Other assets | 266 | 216 |
Total long-term assets | 53,919 | 54,499 |
Total assets | 183,148 | 190,560 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 30,859 | 32,312 |
Deferred rent and security deposits payable, short-term | 35 | 14 |
Deferred revenue, current | 322 | 271 |
Deferred tax liabilities, short-term | 189 | 189 |
Total current liabilities | 31,405 | 32,786 |
Deferred rent, long-term | 717 | 742 |
Total liabilities | 32,122 | 33,528 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.0001 par value: 250,000,000 shares authorized as of March 31, 2014 and December 31, 2013, respectively; 50,344,509 and 49,998,274 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 5 | 5 |
Additional paid-in capital | 269,037 | 267,767 |
Accumulated other comprehensive income | 148 | 195 |
Accumulated deficit | -118,164 | -110,935 |
Total stockholders' equity | 151,026 | 157,032 |
Total liabilities and stockholders' equity | $183,148 | $190,560 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $931 | $959 |
Property and equipment, accumulated depreciation | 3,995 | 3,618 |
Intangible assets, accumulated amortization | $16,522 | $15,313 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 50,344,509 | 49,998,274 |
Common stock, shares outstanding | 50,344,509 | 49,998,274 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements of Operations | ' | ' |
Revenue | $34,869 | $24,765 |
Cost of revenue | 22,943 | 13,841 |
Gross profit | 11,926 | 10,924 |
Operating expenses: | ' | ' |
Technology and development | 4,331 | 2,697 |
Sales and marketing | 9,451 | 8,843 |
General and administrative | 3,713 | 2,920 |
Depreciation and amortization | 1,586 | 1,502 |
Total operating expenses | 19,081 | 15,962 |
Loss from operations | -7,155 | -5,038 |
Interest and other income (expense), net: | ' | ' |
Interest expense, net | ' | -56 |
Other income, net | 5 | 5 |
Total interest and other income (expense), net | 5 | -51 |
Loss before income taxes | -7,150 | -5,089 |
Income tax expense | 79 | 70 |
Net loss | ($7,229) | ($5,159) |
Net loss per share | ' | ' |
Basic and diluted (in dollars per share) | ($0.14) | ($0.67) |
Weighted-average number of shares of common stock outstanding: | ' | ' |
Basic and diluted (in shares) | 50,297,747 | 7,729,218 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements of Comprehensive Loss | ' | ' |
Net loss | ($7,229) | ($5,159) |
Other comprehensive loss: | ' | ' |
Foreign currency translation adjustments | -47 | -94 |
Comprehensive loss | ($7,276) | ($5,253) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($7,229) | ($5,159) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation of property and equipment | 377 | 282 |
Amortization of intangible assets | 1,209 | 1,220 |
Bad debt expense | 18 | 25 |
Mark-to-market income | ' | -5 |
Stock-based compensation expense | 967 | 739 |
Stock-based long-term incentive compensation | -40 | ' |
Net changes in operating assets and liabilities: | ' | ' |
Decrease in accounts receivable | 1,157 | 5,623 |
Decrease (increase) in prepaid expenses, other current assets and other long-term assets | 182 | -486 |
Decrease in accounts payable and accrued expenses | -1,427 | -3,278 |
(Decrease) increase in deferred rent and security deposits payable | -4 | 33 |
Increase in deferred revenue | 51 | 191 |
Net cash used in operating activities | -4,739 | -815 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -956 | -137 |
Net cash used in investing activities | -956 | -137 |
Cash flows from financing activities: | ' | ' |
Proceeds from the exercise of stock options | 303 | 46 |
Net cash provided by financing activities | 303 | 46 |
Net decrease in cash and cash equivalents | -5,392 | -906 |
Effect of exchange rate changes in cash and cash equivalents | -11 | -94 |
Cash and cash equivalents at beginning of period | 92,691 | 32,533 |
Cash and cash equivalents at end of period | 87,288 | 31,533 |
Supplemental disclosure of cash flow activities: | ' | ' |
Cash paid for income taxes | ' | 159 |
Cash paid for interest expense | ' | $56 |
Organization_and_Description_o
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2014 | |
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 an advertising technology company elevating brand performance across all screens for the world’s leading brands and publishers. The Company offers brand advertisers and publishers a complete programmatic solution to reach and engage consumers while providing new insights into what drives the success of brand advertising performance across multiple screens, 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 licensed analytics solution, the Company provides advanced video analytic capabilities for advertisers and publishers, to measure, verify and evaluate the performance of video ad campaigns across multiple channels, both within and outside of its Tremor Video Network. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
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 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 or the results for any future periods 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 Form 10-K for the year ended December 31, 2013 filed with the SEC on March 28, 2014. | |
Principles of Consolidation | |
The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in the accompanying unaudited interim consolidated financial statements. | |
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 equivalents may exceed federally insured limits at times. The Company has not experienced any losses on cash and cash equivalents to date. | |
The Company determines collectability by performing ongoing credit evaluations and monitoring its customers’ accounts receivable balances. For new customers and their agents, which may be advertising agencies or other third parties, the Company performs a credit check with an independent credit agency and may check credit references to determine creditworthiness. The Company only recognizes revenue when collection is reasonably assured. | |
During the three months ended March 31, 2014 and 2013, there were no advertisers that accounted for more than 10% of revenue. | |
As of March 31, 2014 and December 31, 2013, there were no advertisers that accounted for more than 10% of outstanding accounts receivable. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value Measurements | ' |
Fair Value Measurements | ' |
3. Fair Value Measurements | |
The Company utilizes fair value measurements when required. The carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, other current assets, other assets, accounts payable and accrued expenses, deferred rent and security deposits payable approximate fair value due to the short-term nature of these instruments. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Changes in Accumulated Other Comprehensive Income | ' | |||||||
Changes in Accumulated Other Comprehensive Income | ' | |||||||
4. Changes in Accumulated Other Comprehensive Income | ||||||||
The following table provides the components of accumulated other comprehensive income: | ||||||||
Foreign | ||||||||
Currency | ||||||||
Translation | ||||||||
Adjustment | Total | |||||||
Beginning Balance at January 1, 2014 | $ | 195 | $ | 195 | ||||
Other comprehensive loss before reclassifications | (47 | ) | (47 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | — | — | ||||||
Ending Balance at March 31, 2014 | $ | 148 | $ | 148 | ||||
Foreign | ||||||||
Currency | ||||||||
Translation | ||||||||
Adjustment | Total | |||||||
Beginning Balance at January 1, 2013 | $ | 345 | $ | 345 | ||||
Other comprehensive loss before reclassifications | (94 | ) | (94 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | — | — | ||||||
Ending Balance at March 31, 2013 | $ | 251 | $ | 251 |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Stock-Based Compensation | ' | |||||||
Stock-Based Compensation | ' | |||||||
5. 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 months ended March 31, 2014 and 2013 as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Technology and development | $ | 194 | $ | 115 | ||||
Sales and marketing | 359 | 279 | ||||||
General and administrative | 414 | 345 | ||||||
Total stock-based compensation expense | $ | 967 | $ | 739 | ||||
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 five stock-based incentive plans as of March 31, 2014 and December 31, 2013, including, in each case, two plans that were assumed as part of the acquisition of ScanScout, Inc. The Company has restricted stock unit awards outstanding under its 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 for the three months ended March 31, 2014: | ||||||||
Weighted | ||||||||
Number of | Average | |||||||
Shares | Exercise Price | |||||||
Outstanding | Per Share | |||||||
Stock option awards outstanding as of December 31, 2013 | 7,302,761 | $ | 3.96 | |||||
Stock option awards granted | 612,518 | $ | 4.36 | |||||
Stock option awards forfeited | (120,512 | ) | $ | 5.89 | ||||
Stock option awards exercised | (346,235 | ) | $ | 0.86 | ||||
Stock option awards outstanding as of March 31, 2014 | 7,448,532 | $ | 4.11 | |||||
Stock option awards vested and exercisable as of March 31, 2014 | 4,411,148 | $ | 3.19 | |||||
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 weighted-average grant date fair value of stock option awards granted during the three months ended March 31, 2014 was $2.07 per share. The total intrinsic value of stock option awards exercised during the three months ended March 31, 2014 and 2013 was $1,514 and $123, respectively. Cash proceeds received from stock option awards exercised for the three months ended March 31, 2014 and 2013 was $303 and $46, respectively. | ||||||||
There was $7,769 of total unrecognized compensation cost related to non-vested stock option awards granted under the Company’s equity incentive plans as of March 31, 2014. This cost is expected to be recognized over a weighted-average period of 2.37 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 for the three months ended March 31, 2014: | ||||||||
Weighted Average | ||||||||
Restricted | Grant Date | |||||||
Stock Unit | Fair Value | |||||||
Awards | Per Share | |||||||
Restricted stock unit awards outstanding as of December 31, 2013 | 70,119 | $ | 9.63 | |||||
Restricted stock unit awards granted | 649,683 | $ | 4.32 | |||||
Restricted stock unit awards forfeited | (41,774 | ) | $ | 7.78 | ||||
Restricted stock unit awards vested | — | $ | — | |||||
Restricted stock unit awards outstanding as of March 31, 2014 | 678,028 | $ | 4.65 | |||||
As of March 31, 2014, there was $2,787 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 3.66 years. |
Net_Loss_Per_Share_of_Common_S
Net Loss Per Share of Common Stock | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Net Loss Per Share of Common Stock | ' | |||||||
Net Loss Per Share of Common Stock | ' | |||||||
6. Net Loss Per Share of Common Stock | ||||||||
Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. | ||||||||
Diluted net loss per share is computed by dividing net loss 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 mandatorily redeemable convertible preferred stock (“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 per share, as the effects would be anti-dilutive. Accordingly, basic and diluted net loss per share is equal for the following periods presented: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net loss | $ | (7,229 | ) | $ | (5,159 | ) | ||
Denominator: | ||||||||
Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share(1) | 50,297,747 | 7,729,218 | ||||||
Basic and diluted net loss per share | $ | (0.14 | ) | $ | (0.67 | ) | ||
(1) 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 preferred stock automatically converted into shares of common stock. | ||||||||
The following securities were outstanding during the periods presented below and have been excluded from the calculation of diluted net loss per share because the effect is anti-dilutive: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Warrants to purchase preferred stock(1) | — | 140,933 | ||||||
Warrants to purchase common stock(1) | 39,824 | — | ||||||
Preferred stock(1) | — | 32,563,192 | ||||||
Stock option awards | 7,448,532 | 7,002,403 | ||||||
Restricted stock unit awards | 678,028 | — | ||||||
Total anti-dilutive securities | 8,166,384 | 39,706,528 | ||||||
(1) Upon closing of the IPO, all of the Company’s outstanding preferred stock automatically converted into shares of common stock. In addition, the outstanding warrants to purchase preferred stock automatically converted into warrants to purchase common stock. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2014 | |
Segment and Geographic Information | ' |
Segment and Geographic Information | ' |
7. 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 March 31, 2014 and December 31, 2013 and substantially all revenue was generated through sales personnel in the United States for the three months ended March 31, 2014 and 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
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 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 or the results for any future periods 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 Form 10-K for the year ended December 31, 2013 filed with the SEC on March 28, 2014. | |
Principles of Consolidation | ' |
Principles of Consolidation | |
The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company balances and transactions have been eliminated in the accompanying unaudited interim consolidated financial statements. | |
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 equivalents may exceed federally insured limits at times. The Company has not experienced any losses on cash and cash equivalents to date. | |
The Company determines collectability by performing ongoing credit evaluations and monitoring its customers’ accounts receivable balances. For new customers and their agents, which may be advertising agencies or other third parties, the Company performs a credit check with an independent credit agency and may check credit references to determine creditworthiness. The Company only recognizes revenue when collection is reasonably assured. | |
During the three months ended March 31, 2014 and 2013, there were no advertisers that accounted for more than 10% of revenue. | |
As of March 31, 2014 and December 31, 2013, there were no advertisers that accounted for more than 10% of outstanding accounts receivable. |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Changes in Accumulated Other Comprehensive Income | ' | |||||||
Schedule of components of accumulated other comprehensive income | ' | |||||||
Foreign | ||||||||
Currency | ||||||||
Translation | ||||||||
Adjustment | Total | |||||||
Beginning Balance at January 1, 2014 | $ | 195 | $ | 195 | ||||
Other comprehensive loss before reclassifications | (47 | ) | (47 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | — | — | ||||||
Ending Balance at March 31, 2014 | $ | 148 | $ | 148 | ||||
Foreign | ||||||||
Currency | ||||||||
Translation | ||||||||
Adjustment | Total | |||||||
Beginning Balance at January 1, 2013 | $ | 345 | $ | 345 | ||||
Other comprehensive loss before reclassifications | (94 | ) | (94 | ) | ||||
Amounts reclassified from accumulated other comprehensive income | — | — | ||||||
Ending Balance at March 31, 2013 | $ | 251 | $ | 251 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Stock-Based Compensation | ' | |||||||
Schedule of the stock-based compensation expense | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Technology and development | $ | 194 | $ | 115 | ||||
Sales and marketing | 359 | 279 | ||||||
General and administrative | 414 | 345 | ||||||
Total stock-based compensation expense | $ | 967 | $ | 739 | ||||
Summary of the Company's stock option award activity under all plans and related information | ' | |||||||
Weighted | ||||||||
Number of | Average | |||||||
Shares | Exercise Price | |||||||
Outstanding | Per Share | |||||||
Stock option awards outstanding as of December 31, 2013 | 7,302,761 | $ | 3.96 | |||||
Stock option awards granted | 612,518 | $ | 4.36 | |||||
Stock option awards forfeited | (120,512 | ) | $ | 5.89 | ||||
Stock option awards exercised | (346,235 | ) | $ | 0.86 | ||||
Stock option awards outstanding as of March 31, 2014 | 7,448,532 | $ | 4.11 | |||||
Stock option awards vested and exercisable as of March 31, 2014 | 4,411,148 | $ | 3.19 | |||||
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, 2013 | 70,119 | $ | 9.63 | |||||
Restricted stock unit awards granted | 649,683 | $ | 4.32 | |||||
Restricted stock unit awards forfeited | (41,774 | ) | $ | 7.78 | ||||
Restricted stock unit awards vested | — | $ | — | |||||
Restricted stock unit awards outstanding as of March 31, 2014 | 678,028 | $ | 4.65 |
Net_Loss_Per_Share_of_Common_S1
Net Loss Per Share of Common Stock (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Net Loss Per Share of Common Stock | ' | |||||||
Schedule of basic and diluted net loss per share | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Numerator: | ||||||||
Net loss | $ | (7,229 | ) | $ | (5,159 | ) | ||
Denominator: | ||||||||
Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share(1) | 50,297,747 | 7,729,218 | ||||||
Basic and diluted net loss per share | $ | (0.14 | ) | $ | (0.67 | ) | ||
(1) 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 preferred stock automatically converted into shares of common stock. | ||||||||
Schedule of securities excluded from the calculation of diluted net loss per share | ' | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Warrants to purchase preferred stock(1) | — | 140,933 | ||||||
Warrants to purchase common stock(1) | 39,824 | — | ||||||
Preferred stock(1) | — | 32,563,192 | ||||||
Stock option awards | 7,448,532 | 7,002,403 | ||||||
Restricted stock unit awards | 678,028 | — | ||||||
Total anti-dilutive securities | 8,166,384 | 39,706,528 | ||||||
(1) Upon closing of the IPO, all of the Company’s outstanding preferred stock automatically converted into shares of common stock. In addition, the outstanding warrants to purchase preferred stock automatically converted into warrants to purchase common stock. |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in accumulated other comprehensive Income | ' | ' |
Balance at the beginning of the period | $195 | $345 |
Other comprehensive loss before reclassifications | -47 | -94 |
Balance at the end of the period | 148 | 251 |
Foreign Currency Translation Adjustment | ' | ' |
Changes in accumulated other comprehensive Income | ' | ' |
Balance at the beginning of the period | 195 | 345 |
Other comprehensive loss before reclassifications | -47 | -94 |
Balance at the end of the period | $148 | $251 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock-Based Compensation Expense | ' | ' |
Stock-based compensation expense | $967 | $739 |
Technology and development | ' | ' |
Stock-Based Compensation Expense | ' | ' |
Stock-based compensation expense | 194 | 115 |
Sales and marketing | ' | ' |
Stock-Based Compensation Expense | ' | ' |
Stock-based compensation expense | 359 | 279 |
General and administrative | ' | ' |
Stock-Based Compensation Expense | ' | ' |
Stock-based compensation expense | $414 | $345 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) | Mar. 31, 2014 | Dec. 31, 2013 |
item | item | |
Stock-Based Incentive Plans | ' | ' |
Number of stock-based incentive plans | 5 | 5 |
Number of stock-based incentive plans assumed as part of acquisition | 2 | 2 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Number of shares outstanding | ' |
Stock option awards outstanding at the beginning of the period (in shares) | 7,302,761 |
Stock option awards granted (in shares) | 612,518 |
Stock option awards forfeited (in shares) | -120,512 |
Stock option awards exercised (in shares) | -346,235 |
Stock option awards outstanding at the end of the period (in shares) | 7,448,532 |
Stock option awards vested and exercisable at the end of the period (in shares) | 4,411,148 |
Weighted average exercise price | ' |
Stock option awards outstanding at the beginning of the period (in dollars per share) | $3.96 |
Stock option awards granted (in dollars per share) | $4.36 |
Stock option awards forfeited (in dollars per share) | $5.89 |
Stock option awards exercised (in dollars per share) | $0.86 |
Stock option awards outstanding at the end of the period (in dollars per share) | $4.11 |
Stock option awards vested and exercisable at the end of the period (in dollars per share) | $3.19 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 4) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock-Based Incentive Plans | ' | ' |
Cliff period | '1 year | ' |
Weighted average grant date fair values of option awards granted (in dollars per share) | $2.07 | ' |
Total intrinsic values of options exercised | $1,514 | $123 |
Cash received from options exercised | 303 | 46 |
Unrecognized compensation cost related to non-vested share based compensation arrangements | $7,769 | ' |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | '2 years 4 months 13 days | ' |
Maximum | ' | ' |
Stock-Based Incentive Plans | ' | ' |
Vesting period | '4 years | ' |
Expiration period | '10 years | ' |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details 5) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Weighted Average Grant Date Fair Value Per Share | ' |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | '2 years 4 months 13 days |
RSU | ' |
Restricted Stock Unit Awards | ' |
Restricted stock unit awards outstanding at the beginning of the period (in shares) | 70,119 |
Restricted stock unit awards granted (In shares) | 649,683 |
Restricted stock unit awards forfeited (in shares) | -41,774 |
Restricted stock unit awards vested (in shares) | 0 |
Restricted stock unit awards outstanding at the end of the period (in shares) | 678,028 |
Weighted Average Grant Date Fair Value Per Share | ' |
Restricted stock unit awards outstanding at the beginning of the period (in dollars per share) | 9.63 |
Restricted stock unit awards granted (in dollars per share) | 4.32 |
Restricted stock unit awards forfeited (in dollars per share) | 7.78 |
Restricted stock unit awards vested (in dollars per share) | 0 |
Restricted stock unit awards at the end of the period (in dollars per share) | 4.65 |
Unrecognized compensation cost | 2,787 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | '3 years 7 months 28 days |
Net_Loss_Per_Share_of_Common_S2
Net Loss Per Share of Common Stock (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jul. 02, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' | ' |
Net loss | ' | ($7,229) | ($5,159) |
Denominator: | ' | ' | ' |
Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share | ' | 50,297,747 | 7,729,218 |
Basic and diluted net loss per share (in dollars per share) | ' | ($0.14) | ($0.67) |
Common stock sold and issued in IPO (in shares) | 7,500,000 | ' | ' |
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) | ' | 8,166,384 | 39,706,528 |
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 |
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 | ' |
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 |
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) | ' | 7,448,532 | 7,002,403 |
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) | ' | 678,028 | ' |
Segment_and_Geographic_Informa1
Segment and Geographic Information (Details) | 3 Months Ended |
Mar. 31, 2014 | |
item | |
Segment and Geographic Information | ' |
Number of operating segments | 1 |
Number of reportable segments | 1 |