Telaria (TLRA) 10-Q 10 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 05, 2015
Document and Entity Information
Entity Registrant Name	TREMOR VIDEO INC.
Entity Central Index Key	1,375,796
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		51,557,447
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 68,613	$ 77,787
Accounts receivable, net of allowance for doubtful accounts of $887 and $883 as of June 30, 2015 and December 31, 2014, respectively	51,272	46,765
Prepaid expenses and other current assets	2,231	1,571
Deferred tax assets	194	194
Total current assets	122,310	126,317
Long-term assets:
Restricted cash	600	600
Property and equipment, net of accumulated depreciation of $6,342 and $5,027 as of June 30, 2015 and December 31, 2014, respectively	11,033	5,574
Intangible assets, net of accumulated amortization of $22,566 and $20,148 as of June 30, 2015 and December 31, 2014, respectively	13,134	15,552
Goodwill	29,719	29,719
Other assets	243	243
Total long-term assets	54,729	51,688
Total assets	177,039	178,005
Current liabilities:
Accounts payable and accrued expenses	42,842	37,258
Deferred rent and security deposits payable, short-term	296	20
Deferred revenue	45	15
Total current liabilities	43,183	37,293
Deferred rent, long-term	3,602	745
Deferred tax liabilities	194	194
Total liabilities	$ 46,979	$ 38,232
Commitments and contingencies
Stockholders' equity:
Common stock, $0.0001 par value: 250,000,000 shares authorized as of June 30, 2015 and December 31, 2014, respectively; 51,425,002 and 51,106,254 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively	$ 5	$ 5
Additional paid-in capital	276,622	274,094
Accumulated other comprehensive income	47	98
Accumulated deficit	(146,614)	(134,424)
Total stockholders' equity	130,060	139,773
Total liabilities and stockholders' equity	$ 177,039	$ 178,005

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 887	$ 883
Property and equipment, accumulated depreciation	6,342	5,027
Intangible assets, accumulated amortization	$ 22,566	$ 20,148
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	51,425,002	51,106,254
Common stock, shares outstanding	51,425,002	51,106,254

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Operations
Revenue	$ 46,072	$ 43,701	$ 86,675	$ 78,570
Cost of revenue	28,062	28,893	52,472	51,836
Gross profit	18,010	14,808	34,203	26,734
Operating expenses:
Technology and development	4,761	3,982	9,722	8,313
Sales and marketing	11,717	10,906	23,668	20,357
General and administrative	4,705	3,600	9,049	7,313
Depreciation and amortization	1,956	1,643	3,733	3,229
Total operating expenses	23,139	20,131	46,172	39,212
Loss from operations	(5,129)	(5,323)	(11,969)	(12,478)
Interest and other income (expense), net:
Interest expense	(3)		(5)
Other income (expense), net	9	(28)	23	(23)
Total interest and other income (expense), net	6	(28)	18	(23)
Loss before provision for income taxes	(5,123)	(5,351)	(11,951)	(12,501)
Provision for income taxes	117	21	239	100
Net loss	$ (5,240)	$ (5,372)	$ (12,190)	$ (12,601)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.10)	$ (0.11)	$ (0.24)	$ (0.25)
Weighted-average number of shares of common stock outstanding:
Basic and diluted (in shares)	51,445,613	50,403,168	51,332,047	50,350,749

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Comprehensive Loss
Net loss	$ (5,240)	$ (5,372)	$ (12,190)	$ (12,601)
Other comprehensive (loss) gain:
Foreign currency translation adjustments	(5)	52	(51)	5
Comprehensive loss	$ (5,245)	$ (5,320)	$ (12,241)	$ (12,596)

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
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		39			39
Exercise of stock option awards (in shares)	40,001
Common stock issued for settlement of restricted stock units (RSUs) awards, net of 66,988 shares withheld to satisfy income tax withholding obligations		(153)			(153)
Common stock issued for settlement of restricted stock units (RSUs) awards, net of 66,988 shares withheld to satisfy income tax withholding obligations (in shares)	88,659
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		2,250			2,250
Net loss				(12,190)	(12,190)
Foreign currency translation adjustments			(51)		(51)
Balance at Jun. 30, 2015	$ 5	$ 276,622	$ 47	$ (146,614)	$ 130,060
Balance (in shares) at Jun. 30, 2015	51,425,002

Consolidated Statement of Chan7

Consolidated Statement of Changes in Stockholders' Equity (Parenthetical)	6 Months Ended
	Jun. 30, 2015shares
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)	66,988

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (12,190)	$ (12,601)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	3,733	3,229
Bad debt expense (recovery)	14	(5)
Stock-based compensation expense	2,255	2,106
Stock-based long-term incentive compensation expense	77	114
Contingent stock grant to third party vendor		24
Net changes in operating assets and liabilities:
Increase in accounts receivable	(4,549)	(7,572)
(Increase) decrease in prepaid expenses, other current assets and other long-term assets	(783)	98
Increase in accounts payable and accrued expenses	5,304	6,741
Increase (decrease) in deferred rent and security deposits payable	3,248	(1)
Increase in deferred revenue	30	108
Net cash used in operating activities	(2,861)	(7,759)
Cash flows from investing activities:
Purchase of property and equipment	(6,180)	(1,772)
Net cash used in investing activities	(6,180)	(1,772)
Cash flows from financing activities:
Proceeds from the exercise of stock options awards	39	582
Tax withholdings related to net share settlements of restricted stock units awards (RSUs)	(153)
Net cash (used in) provided by financing activities	(114)	582
Net decrease in cash and cash equivalents	(9,155)	(8,949)
Effect of exchange rate changes in cash and cash equivalents	(19)	25
Cash and cash equivalents at beginning of period	77,787	92,691
Cash and cash equivalents at end of period	68,613	$ 83,767
Supplemental disclosure of cash flow activities:
Cash paid for income taxes	331
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment in accounts payable and accrued expenses	594
Common stock issued for settlement of RSUs	$ 203

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 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 Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies 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, changes in stockholder’s equity, 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 June 30, 2015 and 2014 and six months ended June 30, 2015 and 2014, there were no advertisers that accounted for more than 10% of revenue. At June 30, 2015, there was one advertiser that accounted for approximately 12% of outstanding accounts receivable. At 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). In July 2015, FASB deferred the effective date by one year to December 15, 2017 and permitting early adoption of the standard, but not before the original effective date of December 15, 2016. 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	6 Months Ended
	Jun. 30, 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 June 30, 2015 December 31, 2014 (unaudited) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds(1) $ $ — $ — $ $ $ — $ — $ $ $ — $ — $ $ $ — $ — $ (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 $6,049 and $9,217 of operating cash balances as of June 30, 2015 and December 31, 2014, respectively.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 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: June 30, December 31, 2015 2014 (unaudited) Prepaid expenses and other current assets $ $ Prepaid rent Leasehold improvement incentives(1) — Total prepaid expenses and other current assets $ $ (1) The Company previously recorded $2,308 related to its office lease for its new principal executive offices, with a corresponding amount recorded as part of deferred rent liability, of which $2,193 has since been received from the landlord.

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2015
Property and Equipment, Net
Property and Equipment, Net	5. Property and Equipment, Net Property and equipment, net consisted of: June 30, December 31, 2015 2014 (unaudited) Computer hardware $ $ Furniture and fixtures Leasehold improvements Computer software Office equipment Total property and equipment Less: accumulated depreciation ) ) Total property and equipment, net of accumulated depreciation $ $ The depreciation expense related to property and equipment was $747 and $434 for the three months ended June 30, 2015 and 2014, respectively, and $1,315 and $811 for the six months ended June 30, 2015 and 2014, respectively. The Company recorded a reduction of $422 to the cost and accumulated depreciation of fully depreciated equipment and leasehold improvements no longer in use for the six months ended June 30, 2014. There were no reductions recorded for the six months ended June 30, 2015.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2015
Accounts Payable and Accrued Expenses
Accounts Payable and Accrued Expenses	6. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of: June 30, December 31, 2015 2014 (unaudited) Trade accounts payable $ $ Accrued compensation, benefits and payroll taxes(1) (2) Accrued cost of sales Other payables and accrued expenses Total accounts payable and accrued expenses $ $ (1) At June 30, 2015 and December 31, 2014, accrued compensation, benefits and payroll taxes includes $846 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 remained 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, 2016, such participant will forfeit any rights to receive payments under the plan for the 2015 plan year. (2) Includes accrued cash executive severance costs of $362 incurred pursuant to the Transition Agreement entered into between the Company and its former Chief Financial Officer. These costs were primarily incurred during the second quarter of 2015.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 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 April 1, 2015 $ $ Other comprehensive loss(1) ) ) Ending balance at June 30, 2015 $ $ Foreign Currency Translation Adjustment Total Beginning balance at April 1, 2014 $ $ Other comprehensive loss(1) Ending balance at June 30, 2014 $ $ Foreign Currency Translation Adjustment Total Beginning balance at January 1, 2015 $ $ Other comprehensive loss(1) ) ) Ending balance at June 30, 2015 $ $ Foreign Currency Translation Adjustment Total Beginning balance at January 1, 2014 $ $ Other comprehensive loss(1) Ending balance at June 30, 2014 $ $ (1) For the three and six months ended June 30, 2015 and 2014, there were no reclassifications to or from accumulated other comprehensive income.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 in 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 June 5, 2015, the United States District Court for the Southern District of New York entered an order denying the Motion to Vacate. On July 1, 2015, plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014 as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (unaudited) Technology and development $ $ $ $ Sales and marketing(1) General and administrative Total stock-based compensation expense $ $ $ $ (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 six months ended June 30, 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 June 30, 2015: Number of Weighted Stock Option Average Awards Exercise Price Outstanding Per Share Stock option awards outstanding as of December 31, 2014 $ Stock option awards granted Stock option awards forfeited ) Stock option awards exercised ) Stock option awards outstanding as of June 30, 2015 Stock option awards vested and exercisable as of June 30, 2015 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: Six Months Ended June 30, 2015 2014 (unaudited) Aggregate intrinsic value of stock option awards exercised $ $ Weighted-average grant-date fair value per share of stock option awards granted Cash proceeds received from stock option awards exercised The fair value for stock option awards granted is 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. Forfeitures are estimated at the time the stock option awards are granted based on actual historical pre-vesting forfeitures and revised, if necessary in subsequent periods, if actual forfeitures differ from those initial estimates to derive the Company’s best estimate of stock option awards that are expected to vest. 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 $3,690 of total unrecognized compensation cost related to non-vested stock option awards granted under the Company’s equity incentive plans as of June 30, 2015. This cost is expected to be recognized over a weighted-average period of 2.68 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 six months ended June 30, 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 $ Restricted stock unit awards granted Restricted stock unit awards forfeited ) Restricted stock unit awards vested ) Non-vested restricted stock unit awards outstanding as of June 30, 2015 Restricted stock unit awards are generally granted at the fair market value of the Company’s common stock on the date of grant and vest on an annual basis over periods up to four years. Forfeitures are estimated at the time the restricted stock unit awards are granted based on actual historical pre-vesting forfeitures and revised, if necessary in subsequent periods, if actual forfeitures differ from those initial estimates to derive the Company’s best estimate of restricted stock unit awards that are expected to vest. As restricted stock unit awards vest, they are settled on a net-share basis. Upon settlement, certain shares underlying each restricted stock unit award are withheld to satisfy income tax withholding obligations, which is based on the value of the restricted stock unit award on the settlement date as determined by the closing fair market value of the Company’s common stock, relating to the employees’ minimum statutory obligation. There was $5,421 of total unrecognized compensation cost related to non-vested restricted stock unit awards granted under the Company’s equity incentive plans as of June 30, 2015. This cost is expected to be recognized over a weighted-average period of 3.44 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 issuance under the 2014 ESPP. As of June 30, 2015, the Company had 1,809,912 shares of common stock 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 six months ended June 30, 2015, employees purchased 190,088 shares of common stock pursuant to the 2014 ESPP at an exercise price of $2.08 per share. The fair value for awards 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 2014 ESPP awards requires subjective assumptions, including, but not limited to, the expected term of the 2014 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. Forfeitures are estimated at the time the 2014 ESPP awards are granted based on actual historical pre-vesting forfeitures and revised, if necessary in subsequent periods, if actual forfeitures differ from those initial estimates to derive the Company’s best estimate of 2014 ESPP awards that are expected to vest. 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 $43 of total unrecognized compensation cost related to awards under the 2014 ESPP as of June 30, 2015. This cost is expected to be recognized over a weighted-average period of less than one year .

Net Loss Per Share of Common St

Net Loss Per Share of Common Stock	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 (unaudited) Numerator: Net loss $ ) $ ) $ ) $ ) Denominator: Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share Basic and diluted net loss per share $ ) $ ) $ ) $ ) 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 (unaudited) Warrants to purchase common stock Stock option awards Restricted stock unit awards Total anti-dilutive securities

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events
Subsequent Event	11. Subsequent Event Sublease Agreement On July 16, 2015, the Company entered into a sublease agreement (“Sublease”) for its former principal executive office located at 53 West 23rd Street, New York, New York. The term of the Sublease runs through May 30, 2021, the date on which the underlying lease agreement will terminate. Acquisition On August 3, 2015, the Company acquired all of the outstanding shares of The Video Network Pty Ltd, an Australian proprietary limited company (“TVN”), pursuant to a share sale agreement (the “SSA”) between the Company, Tremor Video (Australia) Pty Ltd., a wholly-owned subsidiary of the Company, and the sellers identified therein (the “TVN Sellers”). As consideration for the acquisition of the equity of TVN, the Company made an initial payment to the TVN Sellers of $3,040 Australian dollars (approximately $2,200 based on the currency exchange rate on the date of acquisition), subject to certain adjustments as set forth in the SSA, and is required to make payments of $380 Australian dollars (approximately $277 based on the currency exchange rate on the date of acquisition), to the TVN Sellers on each of the first and second anniversary of the closing. In addition, the TVN Sellers are eligible to receive future cash payments contingent on the operating performance of TVN in each of its 2016 and 2017 fiscal years (which period includes July 1 through June 30 of each calendar year). The Company will include information about the fair value of acquired assets and assumed liabilities of TVN in its Quarterly Report on Form 10-Q for the quarter ending September 30, 2015. During the three and six month periods ended June 30, 2015, the Company recorded approximately $222 in acquisition related expenses in connection with the TVN acquisition.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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, changes in stockholder’s equity, 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 June 30, 2015 and 2014 and six months ended June 30, 2015 and 2014, there were no advertisers that accounted for more than 10% of revenue. At June 30, 2015, there was one advertiser that accounted for approximately 12% of outstanding accounts receivable. At 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). In July 2015, FASB deferred the effective date by one year to December 15, 2017 and permitting early adoption of the standard, but not before the original effective date of December 15, 2016. 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)	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Schedule of the assets and liabilities measured at fair value on a recurring basis	June 30, 2015 December 31, 2014 (unaudited) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds(1) $ $ — $ — $ $ $ — $ — $ $ $ — $ — $ $ $ — $ — $ (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 $6,049 and $9,217 of operating cash balances as of June 30, 2015 and December 31, 2014, respectively.

Prepaid Expenses and Other Cu22

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	June 30, December 31, 2015 2014 (unaudited) Prepaid expenses and other current assets $ $ Prepaid rent Leasehold improvement incentives(1) — Total prepaid expenses and other current assets $ $ (1) The Company previously recorded $2,308 related to its office lease for its new principal executive offices, with a corresponding amount recorded as part of deferred rent liability, of which $2,193 has since been received from the landlord.

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Property and Equipment, Net
Schedule of property and equipment, net	June 30, December 31, 2015 2014 (unaudited) Computer hardware $ $ Furniture and fixtures Leasehold improvements Computer software Office equipment Total property and equipment Less: accumulated depreciation ) ) Total property and equipment, net of accumulated depreciation $ $

Accounts Payable and Accrued 24

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2015
Accounts Payable and Accrued Expenses
Schedule of accounts payable and accrued expenses	June 30, December 31, 2015 2014 (unaudited) Trade accounts payable $ $ Accrued compensation, benefits and payroll taxes(1) (2) Accrued cost of sales Other payables and accrued expenses Total accounts payable and accrued expenses $ $ (1) At June 30, 2015 and December 31, 2014, accrued compensation, benefits and payroll taxes includes $846 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 remained 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, 2016, such participant will forfeit any rights to receive payments under the plan for the 2015 plan year. (2) Includes accrued cash executive severance costs of $362 incurred pursuant to the Transition Agreement entered into between the Company and its former Chief Financial Officer. These costs were primarily incurred during the second quarter of 2015.

Changes in Accumulated Other 25

Changes in Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Changes in Accumulated Other Comprehensive Income
Schedule of components of accumulated other comprehensive income	Foreign Currency Translation Adjustment Total Beginning balance at April 1, 2015 $ $ Other comprehensive loss(1) ) ) Ending balance at June 30, 2015 $ $ Foreign Currency Translation Adjustment Total Beginning balance at April 1, 2014 $ $ Other comprehensive loss(1) Ending balance at June 30, 2014 $ $ Foreign Currency Translation Adjustment Total Beginning balance at January 1, 2015 $ $ Other comprehensive loss(1) ) ) Ending balance at June 30, 2015 $ $ Foreign Currency Translation Adjustment Total Beginning balance at January 1, 2014 $ $ Other comprehensive loss(1) Ending balance at June 30, 2014 $ $ (1) For the three and six months ended June 30, 2015 and 2014, there were no reclassifications to or from accumulated other comprehensive income.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Stock-Based Compensation
Schedule of the stock-based compensation expense	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (unaudited) Technology and development $ $ $ $ Sales and marketing(1) General and administrative Total stock-based compensation expense $ $ $ $ (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 six months ended June 30, 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 $ Stock option awards granted Stock option awards forfeited ) Stock option awards exercised ) Stock option awards outstanding as of June 30, 2015 Stock option awards vested and exercisable as of June 30, 2015
Schedule of other selected information, including aggregate fair value of awards	Six Months Ended June 30, 2015 2014 (unaudited) Aggregate intrinsic value of stock option awards exercised $ $ Weighted-average grant-date fair value per share of stock option awards granted Cash proceeds received from stock option awards exercised
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 $ Restricted stock unit awards granted Restricted stock unit awards forfeited ) Restricted stock unit awards vested ) Non-vested restricted stock unit awards outstanding as of June 30, 2015

Net Loss Per Share of Common 27

Net Loss Per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2015
Net Loss Per Share of Common Stock
Schedule of basic and diluted net loss per share attributable to common stockholders	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (unaudited) Numerator: Net loss $ ) $ ) $ ) $ ) Denominator: Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share Basic and diluted net loss per share $ ) $ ) $ ) $ )
Schedule of securities excluded from the calculation of diluted net loss per share attributable to common stockholders	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (unaudited) Warrants to purchase common stock Stock option awards Restricted stock unit awards Total anti-dilutive securities

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details) - Advertiser concentration - item	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Revenue
Concentrations of credit risk
Number of advertisers	0	0	0	0
Accounts receivable
Concentrations of credit risk
Number of advertisers			1		0
Concentration risk percent			12.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Fair Value Measurements
Operating cash balances	$ 68,613	$ 77,787	$ 83,767	$ 92,691
Recurring
Fair Value Measurements
Operating cash balances	6,049	9,217
Recurring | Level 1
Fair Value Measurements
Money market funds	62,564	68,570
Recurring | Total
Fair Value Measurements
Money market funds	$ 62,564	$ 68,570

Prepaid Expenses and Other Cu30

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets	$ 1,951		$ 1,406
Prepaid Rent	165		165
Leasehold improvement incentives	115	$ 2,308
Total prepaid expenses and other current assets	2,231		$ 1,571
Deferred rent liability received	$ 2,193

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Property and Equipment, Net
Cost	$ 17,375		$ 17,375		$ 10,601
Less: accumulated depreciation	(6,342)		(6,342)		(5,027)
Total property and equipment, net of accumulated depreciation	11,033		11,033		5,574
Depreciation expense related to property and equipment	747	$ 434	1,315	$ 811
Reduction to cost and accumulated depreciation of fully depreciated equipment and leasehold improvements no longer in use			0	$ 422
Computer hardware
Property and Equipment, Net
Cost	6,308		6,308		5,880
Furniture and fixtures
Property and Equipment, Net
Cost	2,290		2,290		1,768
Leasehold improvements
Property and Equipment, Net
Cost	7,310		7,310		1,749
Computer software
Property and Equipment, Net
Cost	1,198		1,198		991
Office equipment
Property and Equipment, Net
Cost	$ 269		$ 269		$ 213

Accounts Payable and Accrued 32

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Accounts Payable and Accrued Expenses
Trade accounts payable	$ 30,696	$ 27,218
Accrued compensation, benefits and payroll taxes(1)(2)	5,744	6,992
Accrued cost of sales	4,688	1,722
Other payables and accrued expenses	1,714	1,326
Total accounts payable and accrued expenses	42,842	37,258
Stock-based long-term incentive compensation	846	$ 768
Accrued cash executive severance costs	$ 362

Changes in Accumulated Other 33

Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Changes in accumulated other comprehensive Income
Balance at the beginning of the period	$ 52	$ 148	$ 98	$ 195
Other comprehensive loss	(5)	52	(51)	5
Balance at the end of the period	47	200	47	200
Foreign Currency Translation Adjustment
Changes in accumulated other comprehensive Income
Balance at the beginning of the period	52	148	98	195
Other comprehensive loss	(5)	52	(51)	5
Balance at the end of the period	$ 47	$ 200	$ 47	$ 200

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock-Based Compensation Expense
Stock-based compensation expense	$ 1,147	$ 1,139	$ 2,255	$ 2,106
Technology and development
Stock-Based Compensation Expense
Stock-based compensation expense	218	220	432	414
Sales and marketing
Stock-Based Compensation Expense
Stock-based compensation expense	394	362	803	721
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	$ 535	$ 557	$ 1,020	$ 971

Stock-Based Compensation (Det35

Stock-Based Compensation (Details 2) - Jun. 30, 2015 - Stock option awards - $ / shares	Total
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)	397,500
Stock option awards forfeited (in shares)	(228,040)
Stock option awards exercised (in shares)	(40,001)
Stock option awards outstanding at the end of the period (in shares)	6,954,601
Stock option awards vested and exercisable at the end of the period (in shares)	5,072,078
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)	2.58
Stock option awards forfeited (in dollars per share)	6.03
Stock option awards exercised (in dollars per share)	0.97
Stock option awards outstanding at the end of the period (in dollars per share)	4.02
Stock option awards vested and exercisable at the end of the period (in dollars per share)	$ 3.89

Stock-Based Compensation (Det36

Stock-Based Compensation (Details 3) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Stock option awards
Stock-Based Incentive Plans
Cliff period	1 year
Aggregate intrinsic value of stock option awards exercised	$ 72	$ 1,868
Weighted average grant date fair value per share of stock option awards granted (in dollars per share)	$ 1.04	$ 2.07
Cash proceeds received from stock option awards exercised	$ 39	$ 582
Dividend yield (as a percent)	0.00%
Unrecognized compensation cost related to non-vested share based compensation arrangements	$ 3,690
Weighted-average period over which unrecognized compensation cost is expected to be recognized	2 years 8 months 5 days
Stock option awards | Maximum
Stock-Based Incentive Plans
Vesting period	4 years
Expiration period	10 years
Restricted stock unit awards
Stock-Based Incentive Plans
Weighted-average period over which unrecognized compensation cost is expected to be recognized	3 years 5 months 9 days
Restricted stock unit awards | Maximum
Stock-Based Incentive Plans
Vesting period	4 years

Stock-Based Compensation (Det37

Stock-Based Compensation (Details 4) - Jun. 30, 2015 - Restricted stock unit awards - USD ($) $ / shares in Units, $ in Thousands	Total
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)	1,388,705
Restricted stock unit awards forfeited (in shares)	(138,004)
Restricted stock unit awards vested (in shares)	(315,409)
Non-vested restricted stock unit awards outstanding at the end of the period (in shares)	2,096,997
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)	2.49
Restricted stock unit awards forfeited (in dollars per share)	3.26
Restricted stock unit awards vested (in dollars per share)	4.12
Non-vested restricted stock unit awards outstanding at the end of the period (in dollars per shares)	$ 2.91
Unrecognized compensation cost related to non-vested restricted stock unit awards	$ 5,421
Weighted-average period over which unrecognized compensation cost is expected to be recognized	3 years 5 months 9 days

Stock-Based Compensation (Det38

Stock-Based Compensation (Details 5) - 2014 ESPP - $ / shares	1 Months Ended	6 Months Ended
	Apr. 30, 2015	Jun. 30, 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
Shares of common stock reserved for future issuance		1,809,912
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

Stock-Based Compensation (Det39

Stock-Based Compensation (Details 6) - Jun. 30, 2015 - 2014 ESPP - USD ($) $ in Thousands	Total
Assumptions
Expected term (in years)	6 months
Dividend yield (as a percent)	0.00%
Unrecognized compensation cost related to equity awards	$ 43
Maximum
Assumptions
Weighted-average period over which unrecognized compensation cost is expected to be recognized	1 year

Net Loss Per Share of Common 40

Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net loss	$ (5,240)	$ (5,372)	$ (12,190)	$ (12,601)
Denominator:
Weighted-average number of shares of common and diluted net loss per share	51,445,613	50,403,168	51,332,047	50,350,749
Basic and diluted net loss per share	$ (0.10)	$ (0.11)	$ (0.24)	$ (0.25)
Securities excluded from the calculation of weighted average common shares outstanding
Total anti-dilutive securities outstanding	9,091,422	7,856,673	9,091,422	7,856,673
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	39,824	39,824
Stock option awards
Securities excluded from the calculation of weighted average common shares outstanding
Total anti-dilutive securities outstanding	6,954,601	7,045,411	6,954,601	7,045,411
Restricted stock unit awards
Securities excluded from the calculation of weighted average common shares outstanding
Total anti-dilutive securities outstanding	2,096,997	771,438	2,096,997	771,438

Subsequents Events

Subsequents Events - TVN AUD in Thousands, $ in Thousands	Aug. 03, 2017AUD	Aug. 03, 2017USD ($)	Aug. 03, 2016AUD	Aug. 03, 2016USD ($)	Aug. 03, 2015AUD	Aug. 03, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)
Acquisition related expenses							$ 222	$ 222
Scenario, Forecast
Payments to acquire business | AUD	AUD 380		AUD 380
Currency exchange rate | Scenario, Forecast
Payments to acquire business		$ 277		$ 277
Subsequent event
Payments to acquire business | AUD					AUD 3,040
Subsequent event | Currency exchange rate
Payments to acquire business						$ 2,200