Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 6-May-15 | |
Document and Entity Information | ||
Entity Registrant Name | TREMOR VIDEO INC. | |
Entity Central Index Key | 1375796 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,383,593 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $74,676 | $77,787 |
Accounts receivable, net of allowance for doubtful accounts of $890 and $883 as of March 31, 2015 and December 31, 2014, respectively | 43,355 | 46,765 |
Prepaid expenses and other current assets | 4,216 | 1,571 |
Deferred tax assets | 194 | 194 |
Total current assets | 122,441 | 126,317 |
Long-term assets: | ||
Restricted cash | 600 | 600 |
Property and equipment, net of accumulated depreciation of $5,595 and $5,027 as of March 31, 2015 and December 31, 2014, respectively | 8,728 | 5,574 |
Intangible assets, net of accumulated amortization of $21,357 and $20,148 as of March 31, 2015 and December 31, 2014, respectively | 14,343 | 15,552 |
Goodwill | 29,719 | 29,719 |
Other assets | 255 | 243 |
Total long-term assets | 53,645 | 51,688 |
Total assets | 176,086 | 178,005 |
Current liabilities: | ||
Accounts payable and accrued expenses | 38,262 | 37,258 |
Deferred rent and security deposits payable, short-term | 272 | 20 |
Deferred revenue | 22 | 15 |
Total current liabilities | 38,556 | 37,293 |
Deferred rent, long-term | 3,191 | 745 |
Deferred tax liabilities | 194 | 194 |
Total liabilities | 41,941 | 38,232 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value: 250,000,000 shares authorized as of March 31, 2015 and December 31, 2014, respectively; 51,379,980 and 51,106,254 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively | 5 | 5 |
Additional paid-in capital | 275,462 | 274,094 |
Accumulated other comprehensive income | 52 | 98 |
Accumulated deficit | -141,374 | -134,424 |
Total stockholders' equity | 134,145 | 139,773 |
Total liabilities and stockholders' equity | $176,086 | $178,005 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ||
Accounts receivable, allowance for doubtful accounts | $890 | $883 |
Property and equipment, accumulated depreciation | 5,595 | 5,027 |
Intangible assets, accumulated amortization | $21,357 | $20,148 |
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 | 51,379,980 | 51,106,254 |
Common stock, shares outstanding | 51,379,980 | 51,106,254 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements of Operations | ||
Revenue | $40,603 | $34,869 |
Cost of revenue | 24,410 | 22,943 |
Gross profit | 16,193 | 11,926 |
Operating expenses: | ||
Technology and development | 4,951 | 4,331 |
Sales and marketing | 11,961 | 9,451 |
General and administrative | 4,344 | 3,713 |
Depreciation and amortization | 1,777 | 1,586 |
Total operating expenses | 23,033 | 19,081 |
Loss from operations | -6,840 | -7,155 |
Interest and other income, net: | ||
Interest expense | -2 | |
Other income, net | 14 | 5 |
Total interest and other income ,net | 12 | 5 |
Loss before provision for income taxes | -6,828 | -7,150 |
Provision for income taxes | 122 | 79 |
Net loss | ($6,950) | ($7,229) |
Net loss per share: | ||
Basic and diluted (in dollars per share) | ($0.14) | ($0.14) |
Weighted-average number of shares of common stock outstanding: | ||
Basic and diluted (in shares) | 51,217,220 | 50,297,747 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Consolidated Statements of Comprehensive Loss | ||
Net loss | ($6,950) | ($7,229) |
Other comprehensive loss | ||
Foreign currency translation adjustments | -46 | -47 |
Comprehensive loss | ($6,996) | ($7,276) |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Dec. 31, 2014 | $5 | $274,094 | $98 | ($134,424) | $139,773 |
Balance (in shares) at Dec. 31, 2014 | 51,106,254 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Exercise of stock option awards | 5 | 5 | |||
Exercise of stock option awards (in shares) | 5,342 | ||||
Common stock issued for settlement of restricted stock unit awards (RSUs), net of 59,647 shares withheld to satisfy income tax withholding obligations | -132 | -132 | |||
Common stock issued for settlement of restricted stock unit awards (RSUs), net of 59,647 shares withheld to satisfy income tax withholding obligations (in shares) | 78,296 | ||||
Common stock issuance in connection with employee stock purchase plan | 392 | 392 | |||
Common stock issuance in connection with employee stock purchase plan (in shares) | 190,088 | ||||
Stock-based compensation expense | 1,103 | 1,103 | |||
Net loss | -6,950 | -6,950 | |||
Foreign currency translation adjustment | -46 | -46 | |||
Balance at Mar. 31, 2015 | $5 | $275,462 | $52 | ($141,374) | $134,145 |
Balance (in shares) at Mar. 31, 2015 | 51,379,980 |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) | 3 Months Ended |
Mar. 31, 2015 | |
Consolidated Statements of Mandatorily Redeemable Convertible Preferred Stock and Changes in Stockholders' Equity (Deficit) | |
Common stock withheld to satisfy income tax withholding obligations relating to RSUs (in shares) | 59,647 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net loss | ($6,950) | ($7,229) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,777 | 1,586 |
Bad debt expense | 13 | 18 |
Mark-to-market income | -3 | |
Stock-based compensation expense | 1,108 | 967 |
Stock-based long-term incentive compensation expense | 19 | -40 |
Net changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 3,336 | 1,157 |
(Increase) decrease in prepaid expenses, other current assets and other long-term assets | -354 | 182 |
Decrease in accounts payable and accrued expenses | -1,159 | -1,427 |
Increase (decrease) in deferred rent and security deposits payable | 390 | -4 |
Increase in deferred revenue | 7 | 51 |
Net cash used in operating activities | -1,816 | -4,739 |
Cash flows from investing activities: | ||
Purchase of property and equipment | -1,108 | -956 |
Net cash used in investing activities | -1,108 | -956 |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options awards | 5 | 303 |
Tax withholdings related to net share settlements of restricted stock unit awards (RSUs) | -132 | |
Net cash (used in) provided by financing activities | -127 | 303 |
Net decrease in cash and cash equivalents | -3,051 | -5,392 |
Effect of exchange rate changes in cash and cash equivalents | -60 | -11 |
Cash and cash equivalents at beginning of period | 77,787 | 92,691 |
Cash and cash equivalents at end of period | 74,676 | 87,288 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for income taxes | 166 | |
Supplemental disclosure of non-cash financing activities: | ||
Purchase of property and equipment accrued in accounts payable and accrued expenses | 2,614 | |
Common stock issued for settlement of RSUs, gross | $174 |
Organization_and_Description_o
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization and Description of Business | |
Organization and Description of Business | |
1. Organization and Description of Business | |
Tremor Video, Inc. (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 complete programmatic solutions to reach and engage consumers while providing transparency into what drives the success of brand advertising performance across multiple screens, including computers, smartphones, tablets and TVs. 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, the Company provides advanced video analytics for advertisers and publishers to measure, verify and evaluate the performance of their video ad campaigns. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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 (“U.S. GAAP”) and applicable rules and regulations of the U.S. 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 U.S. 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, 2014 filed with the SEC on March 16, 2015. | |
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, 2015 and 2014, there were no advertisers that accounted for more than 10% of revenue. At March 31, 2015 and December 31, 2014, there were no advertisers that accounted for more than 10% of outstanding accounts receivable. | |
Recently Issued Accounting Pronouncements | |
FASB Accounting Standards Update No. 2014-09 — Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) that provides a comprehensive model for recognizing revenue with customers. This update clarifies and replaces all existing revenue recognition guidance within U.S. GAAP and may be adopted retrospectively for all periods presented or adopted using a modified retrospective approach. This update is effective for annual and interim periods beginning after December 15, 2016 (beginning with the Company’s first quarter in 2017), with no early adoption permitted. The Company is currently evaluating the adoption method to apply and the impact that the update will have on its consolidated financial statements and related disclosures. | |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Money market funds(1) | $ | 67,553 | $ | — | $ | — | $ | 67,553 | $ | 68,570 | $ | — | $ | — | $ | 68,570 | ||||||||||
$ | 67,553 | $ | — | $ | — | $ | 67,553 | $ | 68,570 | $ | — | $ | — | $ | 68,570 | |||||||||||
-1 | Money market funds are included within cash and cash equivalents in the Company’s consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash, the Company’s money market funds have carrying values that approximates its fair value. Amounts above do not include $7,123 and $9,217 of operating cash balances as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Prepaid expenses and other current assets | $ | 1,743 | $ | 1,406 | ||||
Prepaid rent | 165 | 165 | ||||||
Leasehold improvement incentives(1) | 2,308 | — | ||||||
Total prepaid expenses and other current assets | $ | 4,216 | $ | 1,571 | ||||
-1 | At March 31, 2015, this item represents amounts due to the Company related to its office lease for its new principal executive offices, with a corresponding amount recorded as part of deferred rent liability. | |||||||
Property_and_Equipment_Net
Property and Equipment, Net | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property and Equipment, Net | ||||||||
Property and Equipment, Net | ||||||||
5. Property and Equipment, Net | ||||||||
Property and equipment, net consisted of: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Computer hardware | $ | 6,115 | $ | 5,880 | ||||
Furniture and fixtures | 1,768 | 1,768 | ||||||
Leasehold improvements | 5,105 | 1,749 | ||||||
Computer software | 1,066 | 991 | ||||||
Office equipment | 269 | 213 | ||||||
Total property and equipment | 14,323 | 10,601 | ||||||
Less: accumulated depreciation | (5,595 | ) | (5,027 | ) | ||||
Total property and equipment, net of accumulated depreciation | $ | 8,728 | $ | 5,574 | ||||
The depreciation expense related to property and equipment was $568 and $377 for the three months ended March 2015 and 2014, respectively. | ||||||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Payable and Accrued Expenses | ||||||||
Accounts Payable and Accrued Expenses | ||||||||
6. Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses consisted of: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Trade accounts payable | $ | 27,349 | $ | 27,218 | ||||
Accrued compensation, benefits and payroll taxes(1) | 4,162 | 6,992 | ||||||
Accrued cost of sales | 2,231 | 1,722 | ||||||
Other payables and accrued expenses | 4,520 | 1,326 | ||||||
Total accounts payable and accrued expenses | $ | 38,262 | $ | 37,258 | ||||
-1 | At March 31, 2015 and December 31, 2014, accrued compensation, benefits and payroll taxes includes $787 and $768 of stock-based long-term incentive compensation expense, respectively, related to the Company’s long-term sales incentive compensation plan. Payments earned under the plan for the 2014 plan year will be made in stock-based awards to participants that remain employed with the Company through June 30, 2015, which will be paid in August 2015. Payments earned under the plan for the 2015 plan year will be made in stock-based awards to participants that remain employed with the Company through June 30, 2016, which will be paid in August 2016. If any participant in the Company’s long-term sales incentive compensation plan is not employed on June 30, 2015 or 2016, such participant will forfeit any rights to receive payments under the plan for the 2014 or 2015 plan year, respectively. | |||||||
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Changes in Accumulated Other Comprehensive Income | ||||||||
Changes in Accumulated Other Comprehensive Income | ||||||||
7. Changes in Accumulated Other Comprehensive Income | ||||||||
The following tables provide the components of accumulated other comprehensive income: | ||||||||
Foreign | ||||||||
Currency | ||||||||
Translation | ||||||||
Adjustment | Total | |||||||
Beginning balance at January 1, 2015 | $ | 98 | $ | 98 | ||||
Other comprehensive loss(1) | (46 | ) | (46 | ) | ||||
Ending balance at March 31, 2015 | $ | 52 | $ | 52 | ||||
Foreign | ||||||||
Currency | ||||||||
Translation | ||||||||
Adjustment | Total | |||||||
Beginning balance at January 1, 2014 | $ | 195 | $ | 195 | ||||
Other comprehensive loss(1) | (47 | ) | (47 | ) | ||||
Ending balance at March 31, 2014 | $ | 148 | $ | 148 | ||||
-1 | For the three months ended March 31, 2015 and 2014, there were no reclassifications to or from accumulated other comprehensive income. | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies | |
Commitments and Contingencies | |
8. Commitments and Contingencies | |
Legal Contingencies | |
In November 2013, a putative class action lawsuit was filed in the United States District Court for the Southern District of New York against the Company, its directors and certain of its executive officers, which alleged certain misrepresentations by the Company in connection with its initial public offering concerning its business and prospects. On March 5, 2015, the United States District Court for the Southern District of New York granted the Company’s motion to dismiss the lawsuit and entered judgment into the Company’s favor. On April 7, 2015, plaintiffs filed a motion to vacate the judgment and for leave to file an amended complaint (“Motion to Vacate”). On April 24, 2015, the Company filed an opposition to the Motion to Vacate. | |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Stock-Based Compensation | ||||||||
Stock-Based Compensation | ||||||||
9. Stock-Based Compensation | ||||||||
The Company included stock-based compensation expense related to all of its stock-based awards in various operating expense categories for the three months ended March 31, 2015 and 2014 as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Technology and development | $ | 214 | $ | 194 | ||||
Sales and marketing(1) | 409 | 359 | ||||||
General and administrative | 485 | 414 | ||||||
Total stock-based compensation expense | $ | 1,108 | $ | 967 | ||||
-1 | Includes $5 in stock-based compensation expense related to a non-employee consultant, which was settled in cash in lieu of stock during the three months ended March 31, 2015. | |||||||
Stock Option Awards Outstanding | ||||||||
The following table presents summary information of the Company’s stock option awards outstanding and exercisable under all plans as of March 31, 2015: | ||||||||
Number of | Weighted | |||||||
Stock Option | Average | |||||||
Awards | Exercise Price | |||||||
Outstanding | Per Share | |||||||
Stock option awards outstanding as of December 31, 2014 | 6,825,142 | $ | 4.15 | |||||
Stock option awards granted | 204,875 | 2.47 | ||||||
Stock option awards forfeited | (102,512 | ) | 6.09 | |||||
Stock option awards exercised | (5,342 | ) | 0.97 | |||||
Stock option awards outstanding as of March 31, 2015 | 6,922,163 | 4.07 | ||||||
Stock option awards vested and exercisable as of March 31, 2015 | 4,980,712 | 3.84 | ||||||
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. | ||||||||
Other selected information is as follows: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Aggregate intrinsic value of stock option awards exercised | $ | 8 | $ | 1,514 | ||||
Weighted-average grant-date fair value per share of stock option awards granted | 1.08 | 2.07 | ||||||
Cash proceeds received from stock option awards exercised | 5 | 303 | ||||||
The fair value for stock option awards granted under all plans was estimated at the date of grant using a Black-Scholes option pricing model. Calculating the fair value of the stock option awards requires subjective assumptions, including, but not limited to, the expected term of the stock option awards and stock price volatility. The Company estimates the expected life of stock option awards granted based on the simplified method, which the Company believes, is representative of the actual characteristics of the awards. The Company estimates the volatility of its common stock on the date of grant based on the historic volatility of comparable companies in its industry. Risk-free interest rates are based on yields from United States Treasury zero-coupon issues with a term consistent with the expected term of the awards in effect at the time of grant. Estimated forfeitures are based on actual historical pre-vesting forfeitures. The Company has never declared or paid any cash dividends and has no current plan to do so. Consequently, it used an expected dividend yield of zero. | ||||||||
There was $4,190 of total unrecognized compensation cost related to non-vested stock option awards granted under the Company’s equity incentive plans as of March 31, 2015. This cost is expected to be recognized over a weighted-average period of 2.71 years. | ||||||||
Non-vested Restricted Stock Units (RSU) Awards Outstanding | ||||||||
The following table presents a summary of the Company’s non-vested restricted stock unit award activity under all plans and related information for the three months ended March 31, 2015: | ||||||||
Number of | Weighted | |||||||
Shares of | Average | |||||||
Restricted | Grant Date | |||||||
Stock Unit | Fair Value | |||||||
Awards | Per Share | |||||||
Non-vested restricted stock unit awards outstanding as of December 31, 2014 | 1,161,705 | $ | 3.82 | |||||
Restricted stock unit awards granted | 938,750 | 2.42 | ||||||
Restricted stock unit awards forfeited | (28,836 | ) | 3.63 | |||||
Restricted stock unit awards vested | (137,943 | ) | 4.32 | |||||
Non-vested restricted stock unit awards outstanding as of March 31, 2015 | 1,933,676 | 3.11 | ||||||
There was $5,122 of total unrecognized compensation cost related to non-vested restricted stock unit awards granted under the Company’s equity incentive plans as of March 31, 2015. This cost is expected to be recognized over a weighted-average period of 3.54 years. | ||||||||
Employee Stock Purchase Plan | ||||||||
In April 2014, the Company’s board of directors adopted the 2014 Employee Stock Purchase Plan (“2014 ESPP”), which was approved by the Company’s stockholders at the 2014 annual meeting of stockholders. The 2014 ESPP allows eligible participants to purchase shares of the Company’s common stock generally at six-month intervals, or offering periods, at a price equal to 85% of the lower of (i) the fair market value at the beginning of the offering period or (ii) the fair market value at the end of the offering period, or the purchase date. | ||||||||
Employees purchase shares of common stock through payroll deductions, which may not exceed 15% of their total base salary. The 2014 ESPP imposes certain limitations upon an employee’s right to purchase shares, including the following: (1) no employee may purchase more than 5,000 shares on any one purchase date and (2) no employee may purchase shares with a fair market value in excess of $25 in any calendar year. | ||||||||
No more than 2,000,000 shares of common stock are reserved for future issuance under the 2014 ESPP. | ||||||||
The Company began its first offering period in August 2014, which ended in February 2015. The Company’s second offering period commenced in February 2015 and will end in August 2015. During the three months ended March 31, 2015, employees purchased 190,088 shares of common stock pursuant to the ESPP at an exercise price of $2.08 per share. | ||||||||
The fair value for each award under the 2014 ESPP was estimated at the date of grant, at the beginning of the offering period, using a Black-Scholes option pricing model. Calculating the fair value of the ESPP awards requires subjective assumptions, including, but not limited to, the expected term of the ESPP award and stock price volatility. The Company estimates the expected life of the awards granted under the 2014 ESPP based on the duration of the offering periods, which is six months. The Company estimates the volatility of its common stock on the date of grant based on the historic volatility of comparable companies in its industry. Risk-free interest rates are based on yields from United States Treasury zero-coupon issues with a term consistent with the expected term of the awards in effect at the time of grant. The Company has never declared or paid any cash dividends and has no current plan to do so. Consequently, it used an expected dividend yield of zero. | ||||||||
There was $101 of total unrecognized compensation cost related to awards under the 2014 ESPP as of March 31, 2015. This cost is expected to be recognized over a weighted-average period of less than one year. | ||||||||
Net_Loss_Per_Share_of_Common_S
Net Loss Per Share of Common Stock | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Net Loss Per Share of Common Stock | ||||||||
Net Loss Per Share of Common Stock | ||||||||
10. Net Loss Per Share of Common Stock | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Numerator: | ||||||||
Net loss | $ | (6,950 | ) | $ | (7,229 | ) | ||
Denominator: | ||||||||
Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share | 51,217,220 | 50,297,747 | ||||||
Basic and diluted net loss per share | $ | (0.14 | ) | $ | (0.14 | ) | ||
The following securities were outstanding during the periods presented below and have been excluded from the calculation of diluted net loss per share of common stock because the effect is anti-dilutive: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Warrants to purchase common stock | $ | 39,824 | $ | 39,824 | ||||
Stock option awards | 6,922,163 | 7,448,532 | ||||||
Restricted stock unit awards | 1,933,676 | 678,028 | ||||||
Total anti-dilutive securities | $ | 8,895,663 | $ | 8,166,384 | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 (“U.S. GAAP”) and applicable rules and regulations of the U.S. 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 U.S. 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, 2014 filed with the SEC on March 16, 2015. | |
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, 2015 and 2014, there were no advertisers that accounted for more than 10% of revenue. At March 31, 2015 and December 31, 2014, there were no advertisers that accounted for more than 10% of outstanding accounts receivable. | |
Recently Issued Accounting Pronouncements | |
Recently Issued Accounting Pronouncements | |
FASB Accounting Standards Update No. 2014-09 — Revenue from Contracts with Customers | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) that provides a comprehensive model for recognizing revenue with customers. This update clarifies and replaces all existing revenue recognition guidance within U.S. GAAP and may be adopted retrospectively for all periods presented or adopted using a modified retrospective approach. This update is effective for annual and interim periods beginning after December 15, 2016 (beginning with the Company’s first quarter in 2017), with no early adoption permitted. The Company is currently evaluating the adoption method to apply and the impact that the update will have on its consolidated financial statements and related disclosures. | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||
Schedule of the assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Money market funds(1) | $ | 67,553 | $ | — | $ | — | $ | 67,553 | $ | 68,570 | $ | — | $ | — | $ | 68,570 | ||||||||||
$ | 67,553 | $ | — | $ | — | $ | 67,553 | $ | 68,570 | $ | — | $ | — | $ | 68,570 | |||||||||||
-1 | Money market funds are included within cash and cash equivalents in the Company’s consolidated balance sheets. As short-term, highly liquid investments readily convertible to known amounts of cash, the Company’s money market funds have carrying values that approximates its fair value. Amounts above do not include $7,123 and $9,217 of operating cash balances as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Prepaid Expenses and Other Current Assets | ||||||||
Schedule of prepaid expenses and other current assets | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Prepaid expenses and other current assets | $ | 1,743 | $ | 1,406 | ||||
Prepaid rent | 165 | 165 | ||||||
Leasehold improvement incentives(1) | 2,308 | — | ||||||
Total prepaid expenses and other current assets | $ | 4,216 | $ | 1,571 | ||||
-1 | At March 31, 2015, this item represents amounts due to the Company related to its office lease for its new principal executive offices, with a corresponding amount recorded as part of deferred rent liability. | |||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Property and Equipment, Net | ||||||||
Schedule of property and equipment, net | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Computer hardware | $ | 6,115 | $ | 5,880 | ||||
Furniture and fixtures | 1,768 | 1,768 | ||||||
Leasehold improvements | 5,105 | 1,749 | ||||||
Computer software | 1,066 | 991 | ||||||
Office equipment | 269 | 213 | ||||||
Total property and equipment | 14,323 | 10,601 | ||||||
Less: accumulated depreciation | (5,595 | ) | (5,027 | ) | ||||
Total property and equipment, net of accumulated depreciation | $ | 8,728 | $ | 5,574 | ||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Accounts Payable and Accrued Expenses | ||||||||
Schedule of accounts payable and accrued expenses | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Trade accounts payable | $ | 27,349 | $ | 27,218 | ||||
Accrued compensation, benefits and payroll taxes(1) | 4,162 | 6,992 | ||||||
Accrued cost of sales | 2,231 | 1,722 | ||||||
Other payables and accrued expenses | 4,520 | 1,326 | ||||||
Total accounts payable and accrued expenses | $ | 38,262 | $ | 37,258 | ||||
-1 | At March 31, 2015 and December 31, 2014, accrued compensation, benefits and payroll taxes includes $787 and $768 of stock-based long-term incentive compensation expense, respectively, related to the Company’s long-term sales incentive compensation plan. Payments earned under the plan for the 2014 plan year will be made in stock-based awards to participants that remain employed with the Company through June 30, 2015, which will be paid in August 2015. Payments earned under the plan for the 2015 plan year will be made in stock-based awards to participants that remain employed with the Company through June 30, 2016, which will be paid in August 2016. If any participant in the Company’s long-term sales incentive compensation plan is not employed on June 30, 2015 or 2016, such participant will forfeit any rights to receive payments under the plan for the 2014 or 2015 plan year, respectively. | |||||||
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Changes in Accumulated Other Comprehensive Income | ||||||||
Schedule of components of accumulated other comprehensive income | ||||||||
Foreign | ||||||||
Currency | ||||||||
Translation | ||||||||
Adjustment | Total | |||||||
Beginning balance at January 1, 2015 | $ | 98 | $ | 98 | ||||
Other comprehensive loss(1) | (46 | ) | (46 | ) | ||||
Ending balance at March 31, 2015 | $ | 52 | $ | 52 | ||||
Foreign | ||||||||
Currency | ||||||||
Translation | ||||||||
Adjustment | Total | |||||||
Beginning balance at January 1, 2014 | $ | 195 | $ | 195 | ||||
Other comprehensive loss(1) | (47 | ) | (47 | ) | ||||
Ending balance at March 31, 2014 | $ | 148 | $ | 148 | ||||
-1 | For the three months ended March 31, 2015 and 2014, there were no reclassifications to or from accumulated other comprehensive income. | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Stock-Based Compensation | ||||||||
Schedule of the stock-based compensation expense | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Technology and development | $ | 214 | $ | 194 | ||||
Sales and marketing(1) | 409 | 359 | ||||||
General and administrative | 485 | 414 | ||||||
Total stock-based compensation expense | $ | 1,108 | $ | 967 | ||||
-1 | Includes $5 in stock-based compensation expense related to a non-employee consultant, which was settled in cash in lieu of stock during the three months ended March 31, 2015. | |||||||
Summary of the Company's stock option award activity under all plans and related information | ||||||||
Number of | Weighted | |||||||
Stock Option | Average | |||||||
Awards | Exercise Price | |||||||
Outstanding | Per Share | |||||||
Stock option awards outstanding as of December 31, 2014 | 6,825,142 | $ | 4.15 | |||||
Stock option awards granted | 204,875 | 2.47 | ||||||
Stock option awards forfeited | (102,512 | ) | 6.09 | |||||
Stock option awards exercised | (5,342 | ) | 0.97 | |||||
Stock option awards outstanding as of March 31, 2015 | 6,922,163 | 4.07 | ||||||
Stock option awards vested and exercisable as of March 31, 2015 | 4,980,712 | 3.84 | ||||||
Schedule of other selected information, including aggregate fair value of awards | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Aggregate intrinsic value of stock option awards exercised | $ | 8 | $ | 1,514 | ||||
Weighted-average grant-date fair value per share of stock option awards granted | 1.08 | 2.07 | ||||||
Cash proceeds received from stock option awards exercised | 5 | 303 | ||||||
Summary of the entity's non-vested restricted stock unit award activity and related information | ||||||||
Number of | Weighted | |||||||
Shares of | Average | |||||||
Restricted | Grant Date | |||||||
Stock Unit | Fair Value | |||||||
Awards | Per Share | |||||||
Non-vested restricted stock unit awards outstanding as of December 31, 2014 | 1,161,705 | $ | 3.82 | |||||
Restricted stock unit awards granted | 938,750 | 2.42 | ||||||
Restricted stock unit awards forfeited | (28,836 | ) | 3.63 | |||||
Restricted stock unit awards vested | (137,943 | ) | 4.32 | |||||
Non-vested restricted stock unit awards outstanding as of March 31, 2015 | 1,933,676 | 3.11 | ||||||
Net_Loss_Per_Share_of_Common_S1
Net Loss Per Share of Common Stock (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Net Loss Per Share of Common Stock | ||||||||
Schedule of basic and diluted net loss per share attributable to common stockholders | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Numerator: | ||||||||
Net loss | $ | (6,950 | ) | $ | (7,229 | ) | ||
Denominator: | ||||||||
Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share | 51,217,220 | 50,297,747 | ||||||
Basic and diluted net loss per share | $ | (0.14 | ) | $ | (0.14 | ) | ||
Schedule of securities excluded from the calculation of diluted net loss per share attributable to common stockholders | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(unaudited) | ||||||||
Warrants to purchase common stock | $ | 39,824 | $ | 39,824 | ||||
Stock option awards | 6,922,163 | 7,448,532 | ||||||
Restricted stock unit awards | 1,933,676 | 678,028 | ||||||
Total anti-dilutive securities | $ | 8,895,663 | $ | 8,166,384 | ||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (Advertiser concentration) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
item | item | item | |
Revenue | |||
Concentrations of credit risk | |||
Number of advertisers that account for more than 10% of revenue or accounts receivable | 0 | 0 | |
Accounts receivable | |||
Concentrations of credit risk | |||
Number of advertisers that account for more than 10% of revenue or accounts receivable | 0 | 0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Fair Value Measurements | ||||
Operating Cash Balances | $74,676 | $77,787 | $87,288 | $92,691 |
Recurring | ||||
Fair Value Measurements | ||||
Operating Cash Balances | 7,123 | 9,217 | ||
Recurring | Level 1 | ||||
Fair Value Measurements | ||||
Money market funds | 67,553 | 68,570 | ||
Recurring | Total | ||||
Fair Value Measurements | ||||
Money market funds | $67,553 | $68,570 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets | ||
Prepaid expenses and other current assets | $1,743 | $1,406 |
Prepaid Rent | 165 | 165 |
Leasehold improvement incentives | 2,308 | |
Total prepaid expenses and other current assets | $4,216 | $1,571 |
Property_and_Equipment_Net_Det
Property and Equipment, Net (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Property and Equipment, Net | |||
Cost | $14,323 | $10,601 | |
Less: accumulated depreciation | -5,595 | -5,027 | |
Total property and equipment, net of accumulated depreciation | 8,728 | 5,574 | |
Depreciation expense related to property and equipment | 568 | 377 | |
Computer hardware | |||
Property and Equipment, Net | |||
Cost | 6,115 | 5,880 | |
Furniture and fixtures | |||
Property and Equipment, Net | |||
Cost | 1,768 | 1,768 | |
Leasehold improvements | |||
Property and Equipment, Net | |||
Cost | 5,105 | 1,749 | |
Computer software | |||
Property and Equipment, Net | |||
Cost | 1,066 | 991 | |
Office equipment | |||
Property and Equipment, Net | |||
Cost | $269 | $213 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Expenses | ||
Trade accounts payable | $27,349 | $27,218 |
Accrued compensation, benefits and payroll taxes(1) | 4,162 | 6,992 |
Accrued cost of sales | 2,231 | 1,722 |
Other payables and accrued expenses | 4,520 | 1,326 |
Total accounts payable and accrued expenses | 38,262 | 37,258 |
Stock-based long-term incentive compensation | $787 | $768 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in accumulated other comprehensive Income | ||
Balance at the beginning of the period | $98 | $195 |
Other comprehensive loss(1) | -46 | -47 |
Balance at the end of the period | 52 | 148 |
Foreign Currency Translation Adjustment | ||
Changes in accumulated other comprehensive Income | ||
Balance at the beginning of the period | 98 | 195 |
Other comprehensive loss(1) | -46 | -47 |
Balance at the end of the period | $52 | $148 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock-Based Compensation Expense | ||
Stock-based compensation expense | $1,108 | $967 |
Technology and development | ||
Stock-Based Compensation Expense | ||
Stock-based compensation expense | 214 | 194 |
Sales and marketing | ||
Stock-Based Compensation Expense | ||
Stock-based compensation expense | 409 | 359 |
Sales and marketing | Non employee stock option | ||
Stock-Based Compensation Expense | ||
Stock-based compensation expense | 5 | |
General and administrative | ||
Stock-Based Compensation Expense | ||
Stock-based compensation expense | $485 | $414 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (Stock option awards, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock option awards | |
Number of Stock Option Awards Outstanding | |
Stock option awards outstanding at the beginning of the period (in shares) | 6,825,142 |
Stock option awards granted (in shares) | 204,875 |
Stock option awards forfeited (in shares) | -102,512 |
Stock option awards exercised (in shares) | -5,342 |
Stock option awards outstanding at the end of the period (in shares) | 6,922,163 |
Stock option awards vested and exercisable at the end of the period (in shares) | 4,980,712 |
Weighted average exercise price | |
Stock option awards outstanding at the beginning of the period (in dollars per share) | $4.15 |
Stock option awards granted (in dollars per share) | $2.47 |
Stock option awards forfeited (in dollars per share) | $6.09 |
Stock option awards exercised (in dollars per share) | $0.97 |
Stock option awards outstanding at the end of the period (in dollars per share) | $4.07 |
Stock option awards vested and exercisable at the end of the period (in dollars per share) | $3.84 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock-Based Incentive Plans | ||
Unrecognized compensation cost related to non-vested share based compensation arrangements | $5,122 | |
Stock option awards | ||
Stock-Based Incentive Plans | ||
Cliff period | 1 year | |
intrinsic value of stock option awards exercised | 8 | 1,514 |
Weighted average grant date fair value per share of stock option awards granted (in dollars per share) | $1.08 | $2.07 |
Cash proceeds received from stock option awards exercised | 5 | 303 |
Dividend yield (as a percent) | 0.00% | |
Unrecognized compensation cost related to non-vested share based compensation arrangements | $4,190 | |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 2 years 8 months 16 days | |
Stock option awards | Maximum | ||
Stock-Based Incentive Plans | ||
Vesting period | 4 years | |
Expiration period | 10 years |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 4) (RSU, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
RSU | |
Number of Restricted Stock Unit Awards Outstanding | |
Non-vested restricted stock unit awards outstanding at the beginning of the period (in shares) | 1,161,705 |
Restricted stock unit awards granted (In shares) | 938,750 |
Restricted stock unit awards forfeited (in shares) | -28,836 |
Restricted stock unit awards vested (in shares) | -137,943 |
Non-vested restricted stock unit awards outstanding at the end of the period (in shares) | 1,933,676 |
Weighted Average Grant Date Fair Value Per Share | |
Non-vested restricted stock unit awards outstanding at the beginning of the period (in dollars per shares) | $3.82 |
Restricted stock unit awards granted (in dollars per share) | $2.42 |
Restricted stock unit awards forfeited (in dollars per share) | $3.63 |
Restricted stock unit awards vested (in dollars per share) | $4.32 |
Non-vested restricted stock unit awards outstanding at the end of the period (in dollars per shares) | $3.11 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 3 years 6 months 15 days |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details 5) (2014 ESPP, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Stock-Based Incentive Plans | |
Length of purchase intervals under ESPP plan | 6 months |
Percentage of purchase price per share | 85.00% |
Maximum payroll deductions allowed to purchase shares of common stock on purchase dates (as a percent) | 15.00% |
Maximum number of common stock permitted to be purchased by employees on any one purchase date under ESPP | 5,000 |
Maximum fair value of shares permitted to be purchased under ESPP (per share) | $25 |
Common stock purchased | 190,088 |
Exercise price of common stock purchased | $2.08 |
Maximum | |
Stock-Based Incentive Plans | |
Shares of common stock reserved for future issuance | 2,000,000 |
StockBased_Compensation_Detail5
Stock-Based Compensation (Details 6) (2014 ESPP, USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Assumptions | |
Expected term (in years) | 6 months |
Dividend yield (as a percent) | 0.00% |
Unrecognized compensation cost related to non-vested restricted stock unit awards | $101 |
Maximum | |
Assumptions | |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 1 year |
Net_Loss_Per_Share_of_Common_S2
Net Loss Per Share of Common Stock (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net loss | ($6,950) | ($7,229) |
Denominator: | ||
Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share | 51,217,220 | 50,297,747 |
Basic and diluted net loss per share | ($0.14) | ($0.14) |
Securities excluded from the calculation of weighted average common shares outstanding | ||
Total anti-dilutive securities outstanding | 8,895,663 | 8,166,384 |
Warrants to purchase common stock | ||
Securities excluded from the calculation of weighted average common shares outstanding | ||
Total anti-dilutive securities outstanding | 39,824 | 39,824 |
Stock option awards | ||
Securities excluded from the calculation of weighted average common shares outstanding | ||
Total anti-dilutive securities outstanding | 6,922,163 | 7,448,532 |
RSU | ||
Securities excluded from the calculation of weighted average common shares outstanding | ||
Total anti-dilutive securities outstanding | 1,933,676 | 678,028 |