Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 03, 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 | Sep. 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 | 52,112,784 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 65,531 | $ 77,787 |
Accounts receivable, net of allowance for doubtful accounts of $854 and $883 as of September 30, 2015 and December 31, 2014, respectively | 53,577 | 46,765 |
Prepaid expenses and other current assets | 2,378 | 1,571 |
Deferred tax assets | 240 | 194 |
Total current assets | 121,726 | 126,317 |
Long-term assets: | ||
Restricted cash | 600 | 600 |
Property and equipment, net of accumulated depreciation of $5,671 and $5,027 as of September 30, 2015 and December 31, 2014, respectively | 9,990 | 5,574 |
Intangible assets, net of accumulated amortization of $23,844 and $20,148 as of September 30, 2015 and December 31, 2014, respectively | 12,635 | 15,552 |
Goodwill | 10,080 | 29,719 |
Other assets | 517 | 243 |
Total long-term assets | 33,822 | 51,688 |
Total assets | 155,548 | 178,005 |
Current liabilities: | ||
Accounts payable and accrued expenses | 46,627 | 37,258 |
Deferred rent and security deposits payable, short-term | 412 | 20 |
Contingent consideration on acquisition, short-term | 579 | |
Deferred revenue | 83 | 15 |
Total current liabilities | 47,701 | 37,293 |
Deferred rent, long-term | 4,001 | 745 |
Contingent consideration on acquisition, long-term | 377 | |
Deferred tax liabilities | 194 | 194 |
Other long-term liabilities | 249 | |
Total liabilities | $ 52,522 | $ 38,232 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value: 250,000,000 shares authorized as of September 30, 2015 and December 31, 2014, respectively; 52,105,822 and 51,106,254 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively | $ 5 | $ 5 |
Additional paid-in capital | 278,335 | 274,094 |
Accumulated other comprehensive (loss) income | (78) | 98 |
Accumulated deficit | (175,236) | (134,424) |
Total stockholders' equity | 103,026 | 139,773 |
Total liabilities and stockholders' equity | $ 155,548 | $ 178,005 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets | ||
Accounts receivable, allowance for doubtful accounts | $ 854 | $ 883 |
Property and equipment, accumulated depreciation | 5,671 | 5,027 |
Intangible assets, accumulated amortization | $ 23,844 | $ 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 | 52,105,822 | 51,106,254 |
Common stock, shares outstanding | 52,105,822 | 51,106,254 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements of Operations | ||||
Revenue | $ 49,273 | $ 39,039 | $ 135,948 | $ 117,609 |
Cost of revenue | 31,673 | 24,046 | 84,145 | 75,882 |
Gross profit | 17,600 | 14,993 | 51,803 | 41,727 |
Operating expenses: | ||||
Technology and development | 5,147 | 4,270 | 14,869 | 12,583 |
Sales and marketing | 12,112 | 10,761 | 35,780 | 31,118 |
General and administrative | 4,034 | 3,724 | 13,083 | 11,037 |
Depreciation and amortization | 2,322 | 1,673 | 6,055 | 4,902 |
Impairment charges | 22,665 | 22,665 | ||
Total operating expenses | 46,280 | 20,428 | 92,452 | 59,640 |
Loss from operations | (28,680) | (5,435) | (40,649) | (17,913) |
Interest and other income (expense), net: | ||||
Interest expense | (2) | (3) | (7) | (3) |
Other income (expense), net | 79 | 8 | 102 | (15) |
Total interest and other income (expense), net | 77 | 5 | 95 | (18) |
Loss before provision for income taxes | (28,603) | (5,430) | (40,554) | (17,931) |
Provision for income taxes | 19 | 44 | 258 | 144 |
Net loss | $ (28,622) | $ (5,474) | $ (40,812) | $ (18,075) |
Net loss per share: | ||||
Basic and diluted (in dollars per share) | $ (0.55) | $ (0.11) | $ (0.79) | $ (0.36) |
Weighted-average number of shares of common stock outstanding: | ||||
Basic and diluted (in shares) | 51,875,785 | 50,751,303 | 51,515,285 | 50,485,734 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements of Comprehensive Loss | ||||
Net loss | $ (28,622) | $ (5,474) | $ (40,812) | $ (18,075) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (125) | (63) | (176) | (58) |
Comprehensive loss | $ (28,747) | $ (5,537) | $ (40,988) | $ (18,133) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) 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 | 106 | 106 | |||
Exercise of stock option awards (in shares) | 163,626 | ||||
Common stock issued for settlement of restricted stock units (RSUs) awards, net of 196,724 shares withheld to satisfy income tax withholding obligations | 251 | 251 | |||
Common stock issued for settlement of restricted stock units (RSUs) awards, net of 196,724 shares withheld to satisfy income tax withholding obligations (in shares) | 466,794 | ||||
Common stock issuance in connection with employee stock purchase plan | 712 | 712 | |||
Common stock issuance in connection with employee stock purchase plan (in shares) | 369,148 | ||||
Stock-based compensation expense | 3,172 | 3,172 | |||
Net loss | (40,812) | (40,812) | |||
Foreign currency translation adjustments | (176) | (176) | |||
Balance at Sep. 30, 2015 | $ 5 | $ 278,335 | $ (78) | $ (175,236) | $ 103,026 |
Balance (in shares) at Sep. 30, 2015 | 52,105,822 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) | 9 Months Ended |
Sep. 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) | 196,724 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows AUD in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Cash flows from operating activities: | ||
Net loss | $ (40,812) | $ (18,075) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 6,055 | 4,902 |
Impairment charges | 22,665 | |
Bad debt recovery | (8) | (36) |
Stock-based compensation expense | 3,177 | 3,294 |
Stock-based long-term incentive compensation expense | 262 | 274 |
Contingent stock grant to third party vendor | 24 | |
Net changes in operating assets and liabilities: | ||
Increase in accounts receivable | (5,476) | (5,061) |
(Increase) decrease in prepaid expenses, other current assets and other long-term assets | (1,129) | 292 |
Increase in accounts payable and accrued expenses | 8,009 | 2,039 |
Increase in deferred rent and security deposits payable | 3,763 | 7 |
Increase in deferred revenue | 66 | 43 |
Net cash used in operating activities | (3,428) | (12,297) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (7,154) | (2,617) |
Acquisition, net of cash acquired | (1,191) | |
Net cash used in investing activities | (8,345) | (2,617) |
Cash flows from financing activities: | ||
Proceeds from the exercise of stock options awards | 106 | 727 |
Tax withholdings related to net share settlements of restricted stock unit awards (RSUs) | (463) | (565) |
Net cash (used in) provided by financing activities | (357) | 162 |
Net decrease in cash and cash equivalents | (12,130) | (14,752) |
Effect of exchange rate changes in cash and cash equivalents | (126) | (30) |
Cash and cash equivalents at beginning of period | 77,787 | 92,691 |
Cash and cash equivalents at end of period | 65,531 | 77,909 |
Supplemental disclosure of cash flow activities: | ||
Cash paid for income taxes | 416 | |
Cash paid for interest expense | 5 | 3 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Common stock issued for settlement of RSUs | 1,107 | 952 |
Contingent consideration | 956 | |
Purchase of property and equipment in accounts payable and accrued expenses | 157 | |
Common stock issued for settlement of RSUs | $ 1,107 | $ 952 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 September 30, 2015 and 2014 and nine months ended September 30, 2015 and 2014, there were no advertisers that accounted for more than 10% of revenue. At September 30, 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. 2015-16 — Business Combinations (“Topic 805”): Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under this ASU, acquirers must recognize measurement-period adjustments in the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact that the update will have on its consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2014-09 — Revenue from Contracts with Customers In May 2014, the FASB issued an 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. In July 2015, FASB deferred the effective date by one year to December 15, 2017 (beginning with the Company’s first quarter in 2018) 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 | 9 Months Ended |
Sep. 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 September 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) $ $ — $ — $ $ $ — $ — $ Total assets $ $ — $ — $ $ $ — $ — $ Liabilities: Contingent consideration on acquisition liability(2) $ — $ — $ $ $ — $ — $ — $ — Total liabilities $ — $ — $ $ $ — $ — $ — $ — (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 $13,957 and $9,217 of operating cash balances as of September 30, 2015 and December 31, 2014, respectively. (2) On August 3, 2015, the Company acquired all of the outstanding shares of The Video Network Pty Ltd, an Australian proprietary limited company (“TVN”). The total purchase price includes contingent payments of up to $8,896 (approximately $12,200 Australian dollars based on the currency exchange rate on the date of acquisition) payable over two years contingent on the operating performance of TVN in reaching certain financial milestones in each of its 2016 and 2017 fiscal years (which period includes July 1 through June 30 of each calendar year). As of September 30, 2015, the Company estimated the fair value of contingent payments related to TVN sellers that are not subject to continued employment and TVN sellers that are subject to continued employment was $818 (excluding impact of foreign exchange transaction loss of $31) and $169, respectively. In estimating the fair value of the contingent consideration, the Company used a Monte-Carlo valuation model based on future expectations on reaching such financial milestones, other management assumptions, and the weighted-probabilities of possible payments. These assumptions were based on significant inputs not observed in the market and, therefore, represent a Level 3 measurement. Subsequent to the date of acquisition, the Company will re-measure the estimated fair value of the contingent consideration at each reporting date with any changes in fair value recorded in the Company’s statements of operations. Any changes in the unobservable inputs could significantly impact the estimated fair value of the contingent consideration. Refer to note 6 for further discussion on the acquisition of TVN. Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) The following table represents the changes in the Company’s Level 3 instruments measured at fair value on a recurring basis for the nine months ended September 30, 2015: Contingent Consideration On Acquisition Beginning balance as of January 1, 2015 $ — Contingent consideration on acquisition Ending balance as of September 30, 2015 $ |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 9 Months Ended |
Sep. 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: September 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 headquarters, 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 | 9 Months Ended |
Sep. 30, 2015 | |
Property and Equipment, Net | |
Property and Equipment, Net | 5. Property and Equipment, Net Property and equipment, net consisted of: September 30, December 31, 2015 2014 (unaudited) Computer hardware $ $ Leasehold improvements Furniture and fixtures 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 $1,036 and $464 for the three months ended September 30, 2015 and 2014, respectively, and $2,351 and $1,275 for the nine months ended September 30, 2015 and 2014, respectively. The Company recorded a $566 (includes disposal costs of $22) impairment charge during the three and nine months ended September 30, 2015. This impairment charge represents the remaining net carrying values related to certain property and equipment located at its former headquarters, which were vacated in the second quarter of 2015, that were impaired during the third quarter of 2015 based on changes in expected use of the asset that indicated the carry amount may not be recoverable. Accordingly, the Company recorded a reduction of $2,251 to the cost and $1,707 to the accumulated depreciation balances. The Company recorded a reduction of $426 to the cost and accumulated depreciation of fully depreciated equipment and leasehold improvements no longer in use for the nine months ended September 30, 2014. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2015 | |
Acquisition | |
Acquisition | 6. Acquisition On August 3, 2015 (the “Acquisition Date”), the Company acquired all of the outstanding shares of 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 $2,217 ($3,040 Australian dollars based on the currency exchange rate on the Acquisition Date), subject to certain adjustments as set forth in the SSA, and is required to make payments of $277 ($380 Australian dollars based on the currency exchange rate on the Acquisition Date) on each of the first and second anniversary of the closing, respectively. In addition, the TVN Sellers are eligible to receive future cash payments of up to $8,896 ($12,200 Australian dollars based on the currency exchange rate on the Acquisition Date) over a term of two years contingent on the operating performance of TVN in reaching certain financial milestones in each of its 2016 and 2017 fiscal years (which period includes July 1 through June 30 of each calendar year). In estimating the fair value of the contingent cash consideration, the Company used a Monte-Carlo valuation model based on future expectations on reaching such financial milestones, other management assumptions (including operating results, business plans, anticipated future cash flows, and marketplace data), and the weighted-probabilities of possible payments. As of the Acquisition Date, the Company estimated the fair value of the contingent cash consideration to be $2,822 ($3,870 Australian dollars based on the currency exchange rate on the Acquisition Date), of which the Company recorded $818 ($1,122 Australian dollars based on the currency exchange rate on the Acquisition Date) as purchase consideration for TVN related to TVN Sellers that are not subject to continued employment. This amount has been included within total liabilities in the Company’s consolidated balance sheet. For certain TVN Sellers, the payment of the contingent cash consideration is dependent upon continued employment through the date of payment. As a result, the estimated fair value of the contingent cash consideration relating to such TVN Sellers of $2,004 ($2,748 Australian dollars based on the currency exchange rate on the Acquisition Date) was excluded from the purchase consideration and such amounts will be recorded as compensation expense over two years. For the three and nine months ended September 30, 2015, the Company recorded $169 in compensation-related expenses in connection with the continued employment of certain of the TVN Sellers within sales and marketing expenses in its consolidated statements of operations. The Company will re-measure the estimated fair value of the contingent consideration at each reporting date with any changes in fair value recorded in the Company’s statements of operations. As of September 30, 2015, there were no significant changes in the range of outcomes for the contingent consideration recognized as a result of the acquisition of TVN. The total consideration transferred is allocated to the tangible and intangible assets acquired and liabilities assumed at the Acquisition Date, and are subject to adjustment during a measurement period of up to one year from the Acquisition Date. The measurement period provides the Company with the ability to adjust the fair values of acquired assets and liabilities assumed for new information that is obtained about events and circumstances that existed as of the Acquisition Date. Goodwill recognized in the TVN acquisition is not deductible for tax purposes. The Company incurred $337 and $559 of acquisition-related costs (including $169 in compensation-related expenses as discussed above) that were expensed as incurred for the three and nine months ended September 30, 2015, respectively. These costs (excluding $169 in compensation-related expenses as discussed above) are included in general and administrative expenses in the Company’s consolidated statements of operations. The results of operations of TVN have been included in the Company’s consolidated statements of operations since the Acquisition Date. As the financial effects of this acquisition, individually and in the aggregate, was not material to the Company’s consolidated balance sheet and statement of operations as of and for the three and nine month periods ended September 30, 2015 and, therefore, proforma results are not presented. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets, Net | |
Goodwill and Intangible Assets, Net | 7. Goodwill and Intangible Assets, Net Interim Goodwill and Intangible Assets Impairment Testing Goodwill is tested annually for impairment on October 1st of each year or more frequently if impairment indicators are present. Goodwill is tested for impairment at the reporting unit level, which the Company operate as, using a two-step approach. The first step is to compare the fair value of the reporting unit to the carrying value of the net assets assigned to the reporting unit. If the fair value of the reporting unit is greater than the carrying value of the net assets assigned to the reporting unit, the assigned goodwill is not considered impaired. If the fair value is less than the reporting unit’s carrying value, step two is performed to measure the amount of the impairment, if any. During the three months ended September 30, 2015, the Company determined that an impairment indicator was present that required it to perform an interim goodwill impairment analysis as of September 30, 2015 for its reporting unit. This impairment indicator was a decrease in market capitalization below the carrying value of the Company’s net assets. As a result, the Company conducted a preliminary interim impairment test on its goodwill to determine if there was an impairment at the reporting unit level. In performing its interim impairment testing, the Company assessed a number of factors including operating results, business plans, anticipated future cash flows and marketplace data. Based on such test, the reporting unit failed step one. Accordingly, the Company performed step two of the goodwill interim impairment test. In step two of the goodwill impairment testing, the Company estimated the implied fair value of goodwill to be below its carrying value. As a result, the Company recorded an estimated goodwill impairment loss of $20,890 during the three and nine months ended September 30, 2015 to reduce the carrying value of goodwill to its implied fair value. The Company has not yet finalized step two of the test as it needs additional time to complete its impairment analysis, so it is possible that the Company will need to adjust the amount of this charge upon the completion of the measurement. The Company expects that the adjustment, if any, would be recognized in the fourth quarter of 2015. The Company also reviews certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of intangible assets are measured by a comparison of the carrying amount of the asset or asset group, using an income approach, to future undiscounted net cash flows expected to be generated by the asset or asset group. If such assets are not recoverable, the impairment to be recognized, if any, is measured by the amount which the carrying amount of the assets exceeds the estimated fair value of the assets or asset group. As the Company operates as one business unit and our long-lived assets do not have identifiable cash flows that are independent of the other assets and liabilities of this business unit, the impairment testing on intangible assets is performed at the entity-level. In connection with the interim impairment testing on goodwill, the Company also conducted an impairment testing on certain intangible assets, specifically related to its customer relationships acquired in a historical acquisition, which indicated that the estimated fair value of those intangible assets were below their carrying value. Accordingly, the Company recognized an impairment charge related to its intangible assets of $1,209 during the three and nine months ended September 30, 2015 to reduce the carrying values of these intangible assets to their estimated fair values. The Company has not identified any other impairment losses on its remaining intangible assets as of September 30, 2015. The changes in the carrying amount of goodwill as of September 30, 2015 were as follows: September 30, 2015 Gross Carrying Accumulated Net Carrying Amount Impairment Amount Beginning balance as of January 1, 2015 $ $ — $ Acquisition-related goodwill — Impairment of goodwill — ) ) Ending balance as of September 30, 2015 $ $ ) $ Information regarding the Company’s acquisition-related intangible assets, net is as follows: September 30, 2015 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Technology $ $ ) $ Customer relationships(1) ) Trademarks and trade names(1) ) Non-competition agreements ) — Domain name(2) — Total acquisition-related intangible assets, net $ $ ) $ December 31, 2014 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Technology $ $ ) $ Customer relationships ) Trademarks and trade names ) Non-competition agreements ) — Domain name(2) — Total acquisition-related intangible assets, net $ $ ) $ (1) In connection with the Company’s acquisition during the three months ended September 30, 2015, the Company acquired the following identifiable acquisition-related intangible assets (a) $2,042 (excluding impact of foreign exchange transaction loss of $75) in customer relationships, and (b) $21 in trademarks and tradenames. (2) This intangible asset is considered to have an indefinite useful life and, therefore, not subject to amortization. Amortization expense amounted to $1,278 and $1,209 for the three months ended September 30, 2015 and 2014, respectively, and $3,696 and $3,627 for the nine months ended September 30, 2015 and 2014, respectively. The estimated future amortization expenses of the acquisition-related intangible assets, which includes those identifiable intangible assets acquired that are considered to have a definite life, as of September 30, 2015, for the next five years and thereafter are as follows: 2015 $ 2016 2017 2018 2019 2020 2021 and thereafter Total(1) $ (1) Total estimated future amortization expenses exclude any intangible assets considered to have an indefinite useful life. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Accounts Payable and Accrued Expenses | |
Accounts Payable and Accrued Expenses | 8. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of: September 30, December 31, 2015 2014 (unaudited) Trade accounts payable $ $ Accrued compensation, benefits and payroll taxes(1) Accrued cost of sales Other payables and accrued expenses Total accounts payable and accrued expenses $ $ (1) At September 30, 2015 and December 31, 2014, accrued compensation, benefits and payroll taxes includes $316 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 were paid in stock-based awards in August 2015. The Company issued an aggregate total of 189,003 shares to employees under its 2014 plan on account of such payments, net of 112,183 shares withheld to satisfy income tax withholding obligations in the amount of $266, which were remitted to tax authorities. 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. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 30, 2015 | |
Changes in Accumulated Other Comprehensive (loss) Income | |
Changes in Accumulated Other Comprehensive (Loss) Income | 9. Changes in Accumulated Other Comprehensive (Loss) Income The following tables provide the components of accumulated other comprehensive (loss) income: Foreign Currency Translation Adjustment Total Beginning balance at July 1, 2015 $ $ Other comprehensive loss(1) ) ) Ending balance at September 30, 2015 $ ) $ ) Foreign Currency Translation Adjustment Total Beginning balance at July 1, 2014 $ $ Other comprehensive loss(1) ) ) Ending balance at September 30, 2014 $ $ Foreign Currency Translation Adjustment Total Beginning balance at January 1, 2015 $ $ Other comprehensive loss(1) ) ) Ending balance at September 30, 2015 $ ) $ ) Foreign Currency Translation Adjustment Total Beginning balance at January 1, 2014 $ $ Other comprehensive loss(1) ) ) Ending balance at September 30, 2014 $ $ (1) For the three and nine months ended September 30, 2015 and 2014, there were no reclassifications to or from accumulated other comprehensive (loss) income. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies | |
Commitments and Contingencies | 10. 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 (the “Court”) 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. The lawsuit seeks unspecified damages. On March 5, 2015, the Court 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 Court 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, and on August 25, 2015 plaintiffs filed their appellate brief in the United States Court of Appeals for the Second Circuit. On September 29, 2015, the Company filed an answering brief in response to plaintiffs’ appeal. On October 13, 2015, plaintiffs filed their reply brief. In addition, from time to time, the Company is involved in legal proceedings or subject to claims arising in the ordinary course of our business. Although the results of litigation and claims cannot be predicted with certainty, except as noted above, the Company does not believe it is a party to any legal proceedings that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, operating results, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation | |
Stock-Based Compensation | 11. 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 September 30, 2015 and 2014 and nine months ended September 30, 2015 and 2014 as follows: Three Months Ended Nine Months Ended September 30, September 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 nine months ended September 30, 2015. Stock Option Awards Outstanding The following table presents summary information of the Company’s stock option awards outstanding and exercisable as of September 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(1) Stock option awards forfeited ) Stock option awards exercised ) Stock option awards outstanding as of September 30, 2015 Stock option awards vested and exercisable as of September 30, 2015 (1) Includes an employment inducement award granted to the Company’s newly appointed Chief Financial Officer, John Rego, on September 8, 2015. This award is comprised of a stock option award to purchase 570,000 shares of the Company’s common stock at an exercise price of $1.94 per share, which represents the closing price of the Company’s common stock on the date of grant. This award is being issued outside of the Company’s shareholder approved equity compensation plans, but is generally subject to the same terms and conditions as applied to awards granted under the Company’s 2013 Equity Incentive Plan. 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: Nine Months Ended September 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 $3,038 of total unrecognized compensation cost related to non-vested stock option awards granted under the Company’s equity incentive plans as of September 30, 2015. This cost is expected to be recognized over a weighted-average period of 2.88 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 nine months ended September 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 September 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 $4,627 of total unrecognized compensation cost related to non-vested restricted stock unit awards granted under the Company’s equity incentive plans as of September 30, 2015. This cost is expected to be recognized over a weighted-average period of 3.24 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 September 30, 2015, the Company had 1,630,852 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 ended in August 2015. During the nine months ended September 30, 2015, employees purchased 369,148 shares of common stock pursuant to the 2014 ESPP at a weighted average exercise price of $1.93 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, the Company used an expected dividend yield of zero. There was $82 of total unrecognized compensation cost related to awards under the 2014 ESPP as of September 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 | 9 Months Ended |
Sep. 30, 2015 | |
Net Loss Per Share of Common Stock | |
Net Loss Per Share of Common Stock | 12. Net Loss Per Share of Common Stock Three Months Ended Nine Months Ended September 30, September 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 Nine Months Ended September 30, September 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 Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 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 September 30, 2015 and 2014 and nine months ended September 30, 2015 and 2014, there were no advertisers that accounted for more than 10% of revenue. At September 30, 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. 2015-16 — Business Combinations (“Topic 805”): Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Under this ASU, acquirers must recognize measurement-period adjustments in the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact that the update will have on its consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2014-09 — Revenue from Contracts with Customers In May 2014, the FASB issued an 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. In July 2015, FASB deferred the effective date by one year to December 15, 2017 (beginning with the Company’s first quarter in 2018) 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) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements | |
Schedule of the assets and liabilities measured at fair value on a recurring basis | September 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) $ $ — $ — $ $ $ — $ — $ Total assets $ $ — $ — $ $ $ — $ — $ Liabilities: Contingent consideration on acquisition liability(2) $ — $ — $ $ $ — $ — $ — $ — Total liabilities $ — $ — $ $ $ — $ — $ — $ — (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 $13,957 and $9,217 of operating cash balances as of September 30, 2015 and December 31, 2014, respectively. (2) On August 3, 2015, the Company acquired all of the outstanding shares of The Video Network Pty Ltd, an Australian proprietary limited company (“TVN”). The total purchase price includes contingent payments of up to $8,896 (approximately $12,200 Australian dollars based on the currency exchange rate on the date of acquisition) payable over two years contingent on the operating performance of TVN in reaching certain financial milestones in each of its 2016 and 2017 fiscal years (which period includes July 1 through June 30 of each calendar year). As of September 30, 2015, the Company estimated the fair value of contingent payments related to TVN sellers that are not subject to continued employment and TVN sellers that are subject to continued employment was $818 (excluding impact of foreign exchange transaction loss of $31) and $169, respectively. In estimating the fair value of the contingent consideration, the Company used a Monte-Carlo valuation model based on future expectations on reaching such financial milestones, other management assumptions, and the weighted-probabilities of possible payments. These assumptions were based on significant inputs not observed in the market and, therefore, represent a Level 3 measurement. Subsequent to the date of acquisition, the Company will re-measure the estimated fair value of the contingent consideration at each reporting date with any changes in fair value recorded in the Company’s statements of operations. Any changes in the unobservable inputs could significantly impact the estimated fair value of the contingent consideration. Refer to note 6 for further discussion on the acquisition of TVN. |
Schedule of changes in the Company's Level 3 instruments measured at fair value on a recurring basis | Contingent Consideration On Acquisition Beginning balance as of January 1, 2015 $ — Contingent consideration on acquisition Ending balance as of September 30, 2015 $ |
Prepaid Expenses and Other Cu23
Prepaid Expenses and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Prepaid Expenses and Other Current Assets | |
Schedule of prepaid expenses and other current assets | September 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 headquarters, 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) | 9 Months Ended |
Sep. 30, 2015 | |
Property and Equipment, Net | |
Schedule of property and equipment, net | September 30, December 31, 2015 2014 (unaudited) Computer hardware $ $ Leasehold improvements Furniture and fixtures Computer software Office equipment Total property and equipment Less: accumulated depreciation ) ) Total property and equipment, net of accumulated depreciation $ $ |
Goodwill and Intangible Asset25
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets, Net | |
Schedule of changes in the carrying amount of goodwill | September 30, 2015 Gross Carrying Accumulated Net Carrying Amount Impairment Amount Beginning balance as of January 1, 2015 $ $ — $ Acquisition-related goodwill — Impairment of goodwill — ) ) Ending balance as of September 30, 2015 $ $ ) $ |
Schedule of information regarding the Company's acquisition-related intangible assets, net | September 30, 2015 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Technology $ $ ) $ Customer relationships(1) ) Trademarks and trade names(1) ) Non-competition agreements ) — Domain name(2) — Total acquisition-related intangible assets, net $ $ ) $ December 31, 2014 Gross Carrying Accumulated Net Carrying Amount Amortization Amount Technology $ $ ) $ Customer relationships ) Trademarks and trade names ) Non-competition agreements ) — Domain name(2) — Total acquisition-related intangible assets, net $ $ ) $ (1) In connection with the Company’s acquisition during the three months ended September 30, 2015, the Company acquired the following identifiable acquisition-related intangible assets (a) $2,042 (excluding impact of foreign exchange transaction loss of $75) in customer relationships, and (b) $21 in trademarks and tradenames. (2) This intangible asset is considered to have an indefinite useful life and, therefore, not subject to amortization. |
Schedule of future amortization expense of the identifiable intangible assets acquired | 2015 $ 2016 2017 2018 2019 2020 2021 and thereafter Total(1) $ (1) Total estimated future amortization expenses exclude any intangible assets considered to have an indefinite useful life. |
Accounts Payable and Accrued 26
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounts Payable and Accrued Expenses | |
Schedule of accounts payable and accrued expenses | September 30, December 31, 2015 2014 (unaudited) Trade accounts payable $ $ Accrued compensation, benefits and payroll taxes(1) Accrued cost of sales Other payables and accrued expenses Total accounts payable and accrued expenses $ $ (1) At September 30, 2015 and December 31, 2014, accrued compensation, benefits and payroll taxes includes $316 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 were paid in stock-based awards in August 2015. The Company issued an aggregate total of 189,003 shares to employees under its 2014 plan on account of such payments, net of 112,183 shares withheld to satisfy income tax withholding obligations in the amount of $266, which were remitted to tax authorities. 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. |
Changes in Accumulated Other 27
Changes in Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Changes in Accumulated Other Comprehensive (loss) Income | |
Schedule of components of accumulated other comprehensive (Loss) income | Foreign Currency Translation Adjustment Total Beginning balance at July 1, 2015 $ $ Other comprehensive loss(1) ) ) Ending balance at September 30, 2015 $ ) $ ) Foreign Currency Translation Adjustment Total Beginning balance at July 1, 2014 $ $ Other comprehensive loss(1) ) ) Ending balance at September 30, 2014 $ $ Foreign Currency Translation Adjustment Total Beginning balance at January 1, 2015 $ $ Other comprehensive loss(1) ) ) Ending balance at September 30, 2015 $ ) $ ) Foreign Currency Translation Adjustment Total Beginning balance at January 1, 2014 $ $ Other comprehensive loss(1) ) ) Ending balance at September 30, 2014 $ $ (1) For the three and nine months ended September 30, 2015 and 2014, there were no reclassifications to or from accumulated other comprehensive (loss) income. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Compensation | |
Schedule of the stock-based compensation expense | Three Months Ended Nine Months Ended September 30, September 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 nine months ended September 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(1) Stock option awards forfeited ) Stock option awards exercised ) Stock option awards outstanding as of September 30, 2015 Stock option awards vested and exercisable as of September 30, 2015 (1) Includes an employment inducement award granted to the Company’s newly appointed Chief Financial Officer, John Rego, on September 8, 2015. This award is comprised of a stock option award to purchase 570,000 shares of the Company’s common stock at an exercise price of $1.94 per share, which represents the closing price of the Company’s common stock on the date of grant. This award is being issued outside of the Company’s shareholder approved equity compensation plans, but is generally subject to the same terms and conditions as applied to awards granted under the Company’s 2013 Equity Incentive Plan. |
Schedule of other selected information, including aggregate fair value of awards | Nine Months Ended September 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 September 30, 2015 |
Net Loss Per Share of Common 29
Net Loss Per Share of Common Stock (Tables) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, September 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 Nine Months Ended September 30, September 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 Accoun30
Summary of Significant Accounting Policies (Details) - item | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue | Advertiser concentration | ||||
Concentrations of credit risk | ||||
Number of advertisers | 0 | 0 | 0 | 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) AUD in Thousands, $ in Thousands | Aug. 03, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Aug. 03, 2015AUD | Aug. 03, 2015USD ($) | Jul. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2013USD ($) |
Fair Value Measurements | |||||||||
Estimated fair value of contingent consideration | $ 956 | $ 956 | AUD 3,870 | $ 2,822 | |||||
Operating cash balances | 65,531 | 65,531 | $ 77,787 | $ 77,909 | $ 92,691 | ||||
Contingent consideration | 956 | 956 | 3,870 | 2,822 | |||||
TVN | |||||||||
Fair Value Measurements | |||||||||
Maximum contingent consideration | 12,200 | 8,896 | $ 8,896 | ||||||
Period following closing date during which additional payments may be required | 2 years | ||||||||
Acquisition-related costs | 337 | 559 | |||||||
TVN | Contingent consideration, excluding continued employment arrangement | |||||||||
Fair Value Measurements | |||||||||
Estimated fair value of contingent consideration | 1,122 | 818 | |||||||
Contingent consideration | AUD 1,122 | $ 818 | |||||||
Foreign exchange transaction loss excluded from intangible assets | $ 31 | ||||||||
Acquisition-related costs | $ 169 | ||||||||
Recurring | |||||||||
Fair Value Measurements | |||||||||
Money market funds | 51,574 | 51,574 | 68,570 | ||||||
Estimated fair value of contingent consideration | 956 | 956 | |||||||
Operating cash balances | 13,957 | 13,957 | 9,217 | ||||||
Contingent consideration | 956 | 956 | |||||||
Recurring | Level 1 | |||||||||
Fair Value Measurements | |||||||||
Money market funds | 51,574 | 51,574 | $ 68,570 | ||||||
Recurring | Level 3 | |||||||||
Fair Value Measurements | |||||||||
Estimated fair value of contingent consideration | 956 | 956 | |||||||
Contingent consideration | $ 956 | $ 956 |
Fair Value Measurements (Deta32
Fair Value Measurements (Details 2) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Changes in the company's Level 3 instruments measured at fair value | |
Acquisition | $ 956 |
Balance at the end of the period | $ 956 |
Prepaid Expenses and Other Cu33
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Prepaid Expenses and Other Current Assets | |||
Prepaid expenses and other current assets | $ 2,098 | $ 1,406 | |
Prepaid Rent | 165 | 165 | |
Leasehold improvement incentives | 115 | $ 2,308 | |
Total prepaid expenses and other current assets | 2,378 | $ 1,571 | |
Deferred rent liability received | $ 2,193 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Property and Equipment, Net | |||||
Cost | $ 15,661 | $ 15,661 | $ 10,601 | ||
Less: accumulated depreciation | (5,671) | (5,671) | (5,027) | ||
Total property and equipment, net of accumulated depreciation | 9,990 | 9,990 | 5,574 | ||
Impairment of property and equipment | 22,665 | 22,665 | |||
Reduction to cost and accumulated depreciation of fully depreciated equipment and leasehold improvements no longer in use | $ 426 | ||||
Depreciation expense related to property and equipment | 1,036 | $ 464 | 2,351 | $ 1,275 | |
Former corporate headquarters | |||||
Property and Equipment, Net | |||||
Less: accumulated depreciation | (1,707) | (1,707) | |||
Impairment of property and equipment | 566 | 566 | |||
Disposal cost | 22 | 22 | |||
Reduction to cost of certain property and equipment | 2,251 | ||||
Computer hardware | |||||
Property and Equipment, Net | |||||
Cost | 6,666 | 6,666 | 5,880 | ||
Leasehold improvements | |||||
Property and Equipment, Net | |||||
Cost | 6,058 | 6,058 | 1,749 | ||
Furniture and fixtures | |||||
Property and Equipment, Net | |||||
Cost | 1,483 | 1,483 | 1,768 | ||
Computer software | |||||
Property and Equipment, Net | |||||
Cost | 1,267 | 1,267 | 991 | ||
Office equipment | |||||
Property and Equipment, Net | |||||
Cost | $ 187 | $ 187 | $ 213 |
Acquisition (Details)
Acquisition (Details) AUD in Thousands, $ in Thousands | Aug. 03, 2015AUD | Aug. 03, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Aug. 03, 2015USD ($) | Jul. 31, 2015USD ($) |
Purchase price: | ||||||
Contingent consideration | AUD 3,870 | $ 956 | $ 956 | $ 2,822 | ||
TVN | ||||||
Purchase price: | ||||||
Payment | 3,040 | $ 2,217 | ||||
Payment due, first anniversary of closing | 380 | 277 | ||||
Payment due, second anniversary of closing | $ 277 | |||||
Maximum contingent consideration | AUD 12,200 | 8,896 | $ 8,896 | |||
Period following closing date during which additional payments may be required | 2 years | 2 years | ||||
Acquisition-related costs | 337 | 559 | ||||
TVN | Contingent consideration, continued employment arrangement | ||||||
Purchase price: | ||||||
Period following closing date during which additional payments may be required | 2 years | 2 years | ||||
Contingent consideration | AUD 2,748 | 2,004 | ||||
Acquisition-related costs | $ 169 | $ 169 | ||||
TVN | Contingent consideration, excluding continued employment arrangement | ||||||
Purchase price: | ||||||
Contingent consideration | AUD 1,122 | $ 818 | ||||
Acquisition-related costs | $ 169 |
Goodwill and Intangible Asset36
Goodwill and Intangible Assets, Net (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Change in carrying amount of goodwill | |
Goodwill | $ 29,719 |
Changes in the carrying amount of goodwill | |
Balance as of beginning of the period | 29,719 |
Balance as of end of the period | 10,080 |
Gross Carrying Amount | |
Change in carrying amount of goodwill | |
Goodwill | 29,719 |
Changes in the carrying amount of goodwill | |
Balance as of beginning of the period | 29,719 |
Acquisition-related goodwill | 1,251 |
Balance as of end of the period | 30,970 |
Accumulated Impairment | |
Change in carrying amount of goodwill | |
Goodwill | (20,890) |
Changes in the carrying amount of goodwill | |
Impairment of goodwill | (20,890) |
Balance as of end of the period | (20,890) |
Net Carrying Amount | |
Change in carrying amount of goodwill | |
Goodwill | 29,719 |
Changes in the carrying amount of goodwill | |
Balance as of beginning of the period | 29,719 |
Acquisition-related goodwill | 1,251 |
Impairment of goodwill | (20,890) |
Balance as of end of the period | $ 10,080 |
Goodwill and Intangible Asset37
Goodwill and Intangible Assets, Net (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Acquisition-related intangible assets, net | |||||
Gross Carrying Amount | $ 36,479 | $ 36,479 | $ 35,700 | ||
Accumulated Amortization | (23,844) | (23,844) | (20,148) | ||
Net Carrying Amount | 12,635 | 12,635 | 15,552 | ||
Amortization expense | 1,278 | $ 1,209 | 3,696 | $ 3,627 | |
Domain name | |||||
Acquisition-related intangible assets, net | |||||
Gross Carrying Amount | 50 | 50 | 50 | ||
Net Carrying Amount | 50 | 50 | 50 | ||
Technology | |||||
Acquisition-related intangible assets, net | |||||
Gross Carrying Amount | 24,500 | 24,500 | 24,500 | ||
Accumulated Amortization | (17,210) | (17,210) | (14,491) | ||
Net Carrying Amount | 7,290 | 7,290 | 10,009 | ||
Customer relationships | |||||
Acquisition-related intangible assets, net | |||||
Gross Carrying Amount | 9,658 | 9,658 | 8,900 | ||
Accumulated Amortization | (4,844) | (4,844) | (4,069) | ||
Net Carrying Amount | 4,814 | 4,814 | 4,831 | ||
Impairment recorded | 1,209 | 1,209 | |||
Customer relationships | TVN | |||||
Acquisition-related intangible assets, net | |||||
Identified intangible assets acquired | 2,042 | 2,042 | |||
Foreign exchange transaction loss excluded from intangible assets | 75 | ||||
Trademarks and trade names | |||||
Acquisition-related intangible assets, net | |||||
Gross Carrying Amount | 1,671 | 1,671 | 1,650 | ||
Accumulated Amortization | (1,190) | (1,190) | (988) | ||
Net Carrying Amount | 481 | 481 | 662 | ||
Trademarks and trade names | TVN | |||||
Acquisition-related intangible assets, net | |||||
Identified intangible assets acquired | 21 | 21 | |||
Non-competition agreements | |||||
Acquisition-related intangible assets, net | |||||
Gross Carrying Amount | 600 | 600 | 600 | ||
Accumulated Amortization | $ (600) | $ (600) | $ (600) |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets, Net (Detail 3) $ in Thousands | Sep. 30, 2015USD ($) |
Goodwill and Intangible Assets, Net | |
2,015 | $ 1,240 |
2,016 | 4,515 |
2,017 | 4,050 |
2,018 | 875 |
2,019 | 875 |
2,020 | 839 |
2021 and thereafter | 191 |
Total | $ 12,585 |
Accounts Payable and Accrued 39
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Aug. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Trade accounts payable | $ 34,236 | $ 27,218 | |
Accrued compensation, benefits and payroll taxes(1)(2) | 5,747 | 6,992 | |
Accrued cost of sales | 3,489 | 1,722 | |
Other payables and accrued expenses | 3,155 | 1,326 | |
Total accounts payable and accrued expenses | 46,627 | 37,258 | |
Stock-based long-term incentive compensation | 316 | $ 768 | |
Accrued cash executive severance costs | $ 585 | ||
2014 Plan | |||
Number of shares issued, net of shares withheld to satisfy income tax withholding obligations | 189,003 | ||
Number of shares withheld to satisfy income tax withholding obligations | 112,183 | ||
Value of shares withheld to satisfy income tax withholding obligations | $ 266 |
Changes in Accumulated Other 40
Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Changes in accumulated other comprehensive (Loss) Income | ||||
Balance at the beginning of the period | $ 47 | $ 200 | $ 98 | $ 195 |
Other comprehensive loss | (125) | (63) | (176) | (58) |
Balance at the end of the period | (78) | 137 | (78) | 137 |
Foreign Currency Translation Adjustment | ||||
Changes in accumulated other comprehensive (Loss) Income | ||||
Balance at the beginning of the period | 47 | 200 | 98 | 195 |
Other comprehensive loss | (125) | (63) | (176) | (58) |
Balance at the end of the period | $ (78) | $ 137 | $ (78) | $ 137 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock-Based Compensation Expense | ||||
Stock-based compensation expense | $ 922 | $ 1,188 | $ 3,177 | $ 3,294 |
Technology and development | ||||
Stock-Based Compensation Expense | ||||
Stock-based compensation expense | 209 | 239 | 641 | 653 |
Sales and marketing | ||||
Stock-Based Compensation Expense | ||||
Stock-based compensation expense | 376 | 342 | 1,179 | 1,063 |
Sales and marketing | Non employee stock option | ||||
Stock-Based Compensation Expense | ||||
Stock-based compensation expense | 5 | |||
General and administrative expenses | ||||
Stock-Based Compensation Expense | ||||
Stock-based compensation expense | $ 337 | $ 607 | $ 1,357 | $ 1,578 |
Stock-Based Compensation (Det42
Stock-Based Compensation (Details 2) - Stock option awards | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Number of Stock Option Awards Outstanding | |
Stock option awards outstanding at the beginning of the period (in shares) | shares | 6,825,142 |
Stock option awards granted (in shares) | shares | 967,500 |
Stock option awards forfeited (in shares) | shares | (838,919) |
Stock option awards exercised (in shares) | shares | (163,626) |
Stock option awards outstanding at the end of the period (in shares) | shares | 6,790,097 |
Stock option awards vested and exercisable at the end of the period (in shares) | shares | 4,939,401 |
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) | 2.20 |
Stock option awards forfeited (in dollars per share) | 4.56 |
Stock option awards exercised (in dollars per share) | 0.65 |
Stock option awards outstanding at the end of the period (in dollars per share) | 3.90 |
Stock option awards vested and exercisable at the end of the period (in dollars per share) | $ 3.95 |
Stock-Based Compensation (Det43
Stock-Based Compensation (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
2013 Plan | ||
Stock-Based Incentive Plans | ||
Common stock purchased | 570,000 | |
Exercise price of common stock purchased | $ 1.94 | |
Stock option awards | ||
Stock-Based Incentive Plans | ||
Cliff period | 1 year | |
Aggregate intrinsic value of stock option awards exercised | $ 311 | $ 2,378 |
Weighted average grant date fair value per share of stock option awards granted (in dollars per share) | $ 0.84 | $ 1.84 |
Cash proceeds received from stock option awards exercised | $ 106 | $ 727 |
Dividend yield (as a percent) | 0.00% | |
Unrecognized compensation cost related to non-vested share based compensation arrangements | $ 3,038 | |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 2 years 10 months 17 days | |
Stock option awards | Maximum | ||
Stock-Based Incentive Plans | ||
Vesting period | 4 years | |
Expiration period | 10 years |
Stock-Based Compensation (Det44
Stock-Based Compensation (Details 4) - Restricted stock unit awards $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Number of Restricted Stock Unit Awards Outstanding | |
Non-vested restricted stock unit awards outstanding at the beginning of the period (in shares) | shares | 1,161,705 |
Restricted stock unit awards granted (In shares) | shares | 1,806,041 |
Restricted stock unit awards forfeited (in shares) | shares | (313,532) |
Restricted stock unit awards vested (in shares) | shares | (668,265) |
Non-vested restricted stock unit awards outstanding at the end of the period (in shares) | shares | 1,985,949 |
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) | 2.46 |
Restricted stock unit awards forfeited (in dollars per share) | 3.18 |
Restricted stock unit awards vested (in dollars per share) | 3.22 |
Non-vested restricted stock unit awards outstanding at the end of the period (in dollars per shares) | $ 2.86 |
Unrecognized compensation cost related to non-vested restricted stock unit awards | $ | $ 4,627 |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 3 years 2 months 27 days |
Maximum | |
Weighted Average Grant Date Fair Value Per Share | |
Vesting period | 4 years |
Stock-Based Compensation (Det45
Stock-Based Compensation (Details 5) - 2014 ESPP - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended |
Apr. 30, 2015 | Sep. 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 ESSP (per share) | $ 25 | |
Shares of common stock reserved for future issuance | 1,630,852 | |
Common stock purchased | 369,148 | |
Exercise price of common stock purchased | $ 1.93 | |
Expected life | 6 months | |
Dividend yield (as a percent) | 0.00% | |
Unrecognized compensation cost related to non-vested restricted stock unit awards | $ 82 | |
Maximum | ||
Stock-Based Incentive Plans | ||
Shares of common stock reserved for future issuance | 2,000,000 | |
Weighted-average period over which unrecognized compensation cost is expected to be recognized | 1 year |
Net Loss Per Share of Common 46
Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net loss | $ (28,622) | $ (5,474) | $ (40,812) | $ (18,075) |
Denominator: | ||||
Weighted-average number of shares of common and diluted net loss per share | 51,875,785 | 50,751,303 | 51,515,285 | 50,485,734 |
Basic and diluted net loss per share | $ (0.55) | $ (0.11) | $ (0.79) | $ (0.36) |
Securities excluded from the calculation of weighted average common shares outstanding | ||||
Total anti-dilutive securities outstanding | 8,815,870 | 7,914,217 | 8,815,870 | 7,914,217 |
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 | 6,790,097 | 6,949,035 | 6,790,097 | 6,949,035 |
Restricted stock unit awards | ||||
Securities excluded from the calculation of weighted average common shares outstanding | ||||
Total anti-dilutive securities outstanding | 1,985,949 | 925,358 | 1,985,949 | 925,358 |