Telaria (TLRA) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Document and Entity Information
Entity Registrant Name	TELARIA, INC.
Entity Central Index Key	0001375796
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,571,809
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 65,749	$ 47,659
Accounts receivable net of allowance for doubtful accounts of $1,069 and $982 as of September 30, 2019 and December 31, 2018 respectively.	114,382	104,387
Prepaid expenses and other current assets	3,903	3,381
Total current assets	184,034	155,427
Long-term assets:
Operating lease right-of-use asset, net of amortization	24,132	0
Property and equipment net of accumulated depreciation of $3,353 and $2,696 as of September 30, 2019 and December 31, 2018, respectively	2,167	2,789
Intangible assets, net	3,601	4,379
Goodwill	9,277	9,478
Deferred tax assets	126	193
Other assets	1,998	2,440
Total long-term assets	41,301	19,279
Total assets	225,335	174,706
Current liabilities:
Accounts payable and accrued expenses	137,646	109,991
Operating lease liability	5,078
Deferred rent		797
Contingent consideration on acquisition	0	1,500
Other current liabilities	171	886
Total current liabilities	142,895	113,174
Long-term liabilities:
Operating lease liability, net of current portion	24,987
Deferred rent, net of current portion		5,759
Deferred tax liabilities	1,099	1,153
Other non-current liabilities	218	225
Total liabilities	169,199	120,311
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value: 250,000,000 shares authorized as of September 30, 2019 and December 31, 2018, 59,111,023 and 56,956,935 shares issued and 46,546,783 and 44,392,695 outstanding as of September 30, 2019 and December 31, 2018, respectively	4	4
Treasury stock, at cost: 12,564,240 shares as of September 30, 2019 and December 31, 2018	(31,980)	(31,980)
Additional paid-in capital	303,393	293,154
Accumulated other comprehensive loss	(829)	(949)
Accumulated deficit	(214,452)	(205,834)
Total stockholders’ equity	56,136	54,395
Total liabilities and stockholders’ equity	$ 225,335	$ 174,706

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,069	$ 982
Accumulated depreciation	$ 3,353	$ 2,696
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (shares)	250,000,000	250,000,000
Common stock issued (shares)	59,111,023	56,956,935
Common stock outstanding (shares)	46,546,783	44,392,695
Treasury stock, shares (shares)	12,564,240	12,564,240

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Revenue	$ 16,564	$ 13,478	$ 48,402	$ 35,509
Cost of revenue	3,419	1,868	9,338	4,032
Gross profit	13,145	11,610	39,064	31,477
Operating expenses:
Technology and development	2,936	2,432	8,531	7,044
Sales and marketing	6,682	5,840	19,784	18,778
General and administrative	6,839	4,306	21,204	14,670
Restructuring costs	0	32	0	149
Depreciation and amortization	345	523	1,153	3,198
Total operating expenses	16,802	13,133	50,672	43,839
Loss from continuing operations	(3,657)	(1,523)	(11,608)	(12,362)
Interest expense and other income, net:
Interest expense	(1)	(27)	(2)	(74)
Other income, net	910	72	3,097	1,917
Total interest expense and other income, net	909	45	3,095	1,843
Loss from continuing operations before income taxes	(2,748)	(1,478)	(8,513)	(10,519)
Provision for income taxes	53	103	104	146
Loss from continuing operations, net of income taxes	(2,801)	(1,581)	(8,617)	(10,665)
Loss on sale of discontinued operations, net of income taxes	0	0	0	(136)
Net loss	$ (2,801)	$ (1,581)	$ (8,617)	$ (10,801)
Net loss per share — basic and diluted:
Loss from continuing operations, net of income taxes (usd per share)	$ (0.06)	$ (0.03)	$ (0.19)	$ (0.21)
Loss from discontinued operations, net of income taxes (usd per share)	0	0	0	0
Net loss (usd per share)	$ (0.06)	$ (0.03)	$ (0.19)	$ (0.21)
Weighted-average number of shares of common stock outstanding:
Basic and diluted (shares)	46,158,465	52,716,626	45,579,435	52,265,228

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,801)	$ (1,581)	$ (8,617)	$ (10,801)
Other comprehensive loss:
Foreign currency translation adjustments	140	(145)	120	(417)
Comprehensive loss	$ (2,661)	$ (1,726)	$ (8,497)	$ (11,218)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at beginning of period at Dec. 31, 2017	$ 83,139	$ 5	$ (8,443)	$ 288,277	$ (232)	$ (196,468)
Balance at beginning of period (in shares) at Dec. 31, 2017		55,136,038	3,845,496
Increase (Decrease) in Stockholders' Equity
Exercise of stock options awards	1,018			1,018
Exercise of stock options awards (in shares)		314,711
Stock-based compensation expense	856			856
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations	(912)			(912)
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations (in shares)		433,317
Common stock issuance in connection with employee stock purchase plan	240			240
Common stock issuance in connection with employee stock purchase plan (in shares)		84,415
Net loss	(6,101)					(6,101)
Foreign currency translation adjustment	(70)				(70)
Balance at end of period at Mar. 31, 2018	78,170	$ 5	$ (8,443)	289,479	(302)	(202,569)
Balance at end of period (in shares) at Mar. 31, 2018		55,968,481	3,845,496
Balance at beginning of period at Dec. 31, 2017	83,139	$ 5	$ (8,443)	288,277	(232)	(196,468)
Balance at beginning of period (in shares) at Dec. 31, 2017		55,136,038	3,845,496
Increase (Decrease) in Stockholders' Equity
Net loss	(10,801)
Foreign currency translation adjustment	(417)
Balance at end of period at Sep. 30, 2018	75,809	$ 5	$ (8,443)	292,166	(649)	(207,269)
Balance at end of period (in shares) at Sep. 30, 2018		56,813,104	3,845,496
Balance at beginning of period at Mar. 31, 2018	78,170	$ 5	$ (8,443)	289,479	(302)	(202,569)
Balance at beginning of period (in shares) at Mar. 31, 2018		55,968,481	3,845,496
Increase (Decrease) in Stockholders' Equity
Exercise of stock options awards	160	$ 0		160
Exercise of stock options awards (in shares)		84,535
Stock-based compensation expense	980			980
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations	(103)			(103)
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations (in shares)		206,248
Net loss	(3,119)					(3,119)
Foreign currency translation adjustment	(202)				(202)
Balance at end of period at Jun. 30, 2018	75,885	$ 5	$ (8,443)	290,516	(504)	(205,688)
Balance at end of period (in shares) at Jun. 30, 2018		56,259,264	3,845,496
Increase (Decrease) in Stockholders' Equity
Exercise of stock options awards	598	$ 0		598
Exercise of stock options awards (in shares)		392,488
Stock-based compensation expense	933			933
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations	(164)			(164)
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations (in shares)		68,004
Common stock issuance in connection with employee stock purchase plan	283			283
Common stock issuance in connection with employee stock purchase plan (in shares)		93,348
Net loss	(1,581)					(1,581)
Foreign currency translation adjustment	(145)				(145)
Balance at end of period at Sep. 30, 2018	75,809	$ 5	$ (8,443)	292,166	(649)	(207,269)
Balance at end of period (in shares) at Sep. 30, 2018		56,813,104	3,845,496
Balance at beginning of period at Dec. 31, 2018	54,395	$ 4	$ (31,980)	293,154	(949)	(205,834)
Balance at beginning of period (in shares) at Dec. 31, 2018		56,956,935	12,564,240
Increase (Decrease) in Stockholders' Equity
Exercise of stock options awards	3,181			3,181
Exercise of stock options awards (in shares)		825,349
Stock-based compensation expense	1,083			1,083
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations	(536)			(536)
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations (in shares)		280,808
Common stock issuance in connection with employee stock purchase plan	270			270
Common stock issuance in connection with employee stock purchase plan (in shares)		87,671
Net loss	(4,333)					(4,333)
Foreign currency translation adjustment	(232)				(232)
Balance at end of period at Mar. 31, 2019	53,828	$ 4	$ (31,980)	297,152	(1,181)	(210,167)
Balance at end of period (in shares) at Mar. 31, 2019		58,150,763	12,564,240
Balance at beginning of period at Dec. 31, 2018	54,395	$ 4	$ (31,980)	293,154	(949)	(205,834)
Balance at beginning of period (in shares) at Dec. 31, 2018		56,956,935	12,564,240
Increase (Decrease) in Stockholders' Equity
Net loss	(8,617)
Foreign currency translation adjustment	120
Balance at end of period at Sep. 30, 2019	56,136	$ 4	$ (31,980)	303,393	(829)	(214,452)
Balance at end of period (in shares) at Sep. 30, 2019		59,111,023	12,564,240
Balance at beginning of period at Mar. 31, 2019	53,828	$ 4	$ (31,980)	297,152	(1,181)	(210,167)
Balance at beginning of period (in shares) at Mar. 31, 2019		58,150,763	12,564,240
Increase (Decrease) in Stockholders' Equity
Exercise of stock options awards	611			611
Exercise of stock options awards (in shares)		149,478,000
Stock-based compensation expense	2,020			2,020
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations	(197)			(197)
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations (in shares)		74,768,000
Net loss	(1,484)					(1,484)
Foreign currency translation adjustment	212				212
Balance at end of period at Jun. 30, 2019	54,990	$ 4	$ (31,980)	299,586	(969)	(211,651)
Balance at end of period (in shares) at Jun. 30, 2019		58,375,009	12,564,240
Increase (Decrease) in Stockholders' Equity
Exercise of stock options awards	2,077			2,077
Exercise of stock options awards (in shares)		508,570,000
Stock-based compensation expense	1,868			1,868
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations	(377)			(377)
Common stock issued for settlement of restricted stock units net of shares withheld to satisfy income tax withholding obligations (in shares)		176,940,000
Common stock issuance in connection with employee stock purchase plan	239			239
Common stock issuance in connection with employee stock purchase plan (in shares)		50,504,000
Net loss	(2,801)					(2,801)
Foreign currency translation adjustment	140				140
Balance at end of period at Sep. 30, 2019	$ 56,136	$ 4	$ (31,980)	$ 303,393	$ (829)	$ (214,452)
Balance at end of period (in shares) at Sep. 30, 2019		59,111,023	12,564,240

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - shares	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Common stock withheld to satisfy income tax withholding obligations relating to restricted stock units (in shares)	52,137	26,801	164,580	18,326	24,255	222,202

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss from continuing operations	$ (8,617)	$ (10,665)
Total loss from discontinued operations	0	(136)
Adjustments required to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	1,153	3,198
Bad debt expense	110	190
Amortization of acquired technology	143	0
Amortization of operating lease right-of-use asset	2,965	0
Loss on disposal of property and equipment	128	41
Stock-based compensation expense	4,971	2,769
Deferred tax benefit	67	0
Net changes in operating assets and liabilities:
Increase in accounts receivable	(10,197)	(7,260)
Increase in prepaid expenses, other current assets	(765)	(1,828)
Increase in accounts payable and accrued expenses	27,827	14,842
Decrease in other current liabilities	(60)	(408)
Decrease in operating lease liability	(3,463)	0
Increase in deferred rent and security deposits payable	7	656
Decrease in other liabilities	(10)	(605)
Net cash provided by operating activities	14,259	794
Cash flows from investing activities:
Purchase of property and equipment	(230)	(2,622)
Acquisition, net of cash received	0	(4,856)
Net cash used in investing activities	(230)	(7,478)
Cash flows from financing activities:
Contingent consideration on acquisition	(1,500)	0
Proceeds from the exercise of stock options awards	5,869	1,776
Proceeds from issuance of common stock under employee stock purchase plan	509	523
Tax withholdings related to net share settlements of restricted stock unit awards (RSUs)	(1,110)	(1,179)
Net cash provided by financing activities	3,768	1,120
Net increase (decrease) in cash and cash equivalents	17,797	(5,564)
Effect of exchange rate changes in cash and cash equivalents	293	(189)
Cash, cash equivalents at beginning of period	47,659	76,320
Cash, cash equivalents at end of period	65,749	70,567
Supplemental disclosure of cash flow activities:
Cash paid for income taxes	49	58
Cash paid for operating leases subject to ASU 842	5,107
Supplemental disclosure of non-cash investing and financing activities:
Contingent consideration related to acquisition	0	1,443
Deferred tax liability related to acquisition	0	1,092
Cash holdback related to acquisition	$ 0	$ 472

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Telaria, Inc. (the "Company") provides a fully programmatic software platform for premium publishers to manage and monetize their video advertising. The Company's platform is built specifically for digital video and to support the unique requirements of connected TV, mobile and over-the-top content. The Company provides publishers with real-time analytics and decisioning tools to control their video advertising business and offers a holistic monetization solution to optimize yield across a publisher’s entire supply of digital video inventory. On June 8, 2018, the Company acquired all of the outstanding shares of SlimCut Media SAS ("SlimCut"), a video technology solutions company operating primarily in Canada and France, pursuant to a stock purchase agreement. The Company is headquartered in the State of New York.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements and condensed footnotes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the 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 condensed consolidated financial statements reflect all normal recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated balance sheets, statements of operations, comprehensive loss, changes in stockholders' equity, and cash flows for the interim periods presented. 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 condensed consolidated financial statements and condensed 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, 2018 filed with the SEC on March 19, 2019. Principles of Consolidation The unaudited interim condensed 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 condensed consolidated financial statements. Use of Estimates The preparation of the Company’s Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers cash deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents. The fair value of the Company’s cash and cash equivalents approximates their cost plus accrued interest because of the short-term nature of the instruments. Accounts Receivable The Company extends credit to customers and generally does not require any security or collateral. Accounts receivable are recorded at the invoiced amount. The Company carries its accounts receivable balances at net realizable value. Management evaluates the collectability of its accounts receivable balances on a periodic basis and determines whether to provide an allowance or if any accounts should be written down and charged to expense as bad debt. The evaluation is based on a past history of collections, current credit conditions, the length of time the account is past due and a past history of write-downs. An accounts receivable balance is considered past due if the Company has not received payments based on agreed-upon terms. Revenue Recognition The Company primarily generates revenue on a transactional basis where it is paid by a publisher each time an advertising impression is monetized on its platform based on a simple and transparent fee structure that the Company establishes with its publisher partners. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company is acting as the principal or an agent in the transaction. In determining whether the Company is acting as the principal or an agent, the Company followed the accounting guidance for principal-agent considerations. The determination of whether the Company is acting as a principal or an agent in a transaction involves judgment and is based on an evaluation of the terms of each arrangement, none of which are considered presumptive or determinative. For substantially all publisher transactions on the Company's platform, the Company reports revenue on a net basis as the Company determined that it acts as an agent for publishers and is not the primary obligor in such transactions, given that: (1) another party is primarily responsible for fulfilling the contract and the Company does not have discretion in establishing prices and (2) the Company does not generally take on inventory risk. However, for certain transactions, the Company reports revenue on a gross basis, based primarily on its determination that the Company acts as the primary obligor in the delivery of advertising campaigns for buyers with respect to such transactions. Credit Facility The Company is party to a loan and security agreement, or credit facility, with Silicon Valley Bank, as lender. Pursuant to the credit facility, the Company can incur revolver borrowings up to the lesser of $25.0 million and a borrowing base equal to 80% of eligible accounts receivable. Any outstanding principal amounts borrowed under the credit facility must be paid at maturity. Interest accrues at a floating rate equal to the lender’s prime rate and is payable monthly. The Company is charged a fee of 0.35% of any unused borrowing capacity, which is payable quarterly. The credit facility also includes a letter of credit, foreign exchange and cash management facility up to the full amount of available credit. The credit facility matures in January 2020. While the Company had no outstanding borrowings under the credit facility as of September 30, 2019 and December 31, 2018, the lender has issued standby letters of credit in favor of the landlords of our current and former headquarters and other office space totaling $3.2 million, which can be drawn down from amounts available under the credit facility. The credit facility contains customary conditions to borrowings, events of default and negative covenants, including covenants that restrict the Company's ability to dispose of assets, merge with or acquire other entities, incur indebtedness, incur encumbrances, make distributions to holders of its capital stock, make investments or engage in transactions with our affiliates. The Company is also subject to a financial covenant with respect to a minimum quick ratio, tested monthly, and Adjusted EBITDA for trailing periods which vary from three to twelve months, tested quarterly. Pursuant to an amendment to the credit facility, executed in November 2018, the Adjusted EBITDA covenant will only be tested if (i) the quick ratio falls below a certain threshold and (ii) unrestricted and unencumbered cash falls below $25.0 million. On November 6, 2019, the Company entered into an amendment to the credit facility to adjust the quick ratio. The Company's obligations under the credit facility are secured by substantially all of its assets other than its intellectual property, although the Company has agreed not to encumber any of its intellectual property without the lender’s prior written consent. Subject to certain exceptions, the Company is also required to maintain all of its cash and cash equivalents at accounts with the lender. The Company was in compliance with all covenants as of September 30, 2019 and through the date of this filing. 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 and nine months ended September 30, 2019, there were no publishers that accounted for more than 10% of revenue. At September 30, 2019, the top three Demand Side Platforms (DSPs), accounted for approximately 52% of accounts receivable in the aggregate. During the three and nine months ended September 30, 2018, there were two publishers and one publisher, respectively, that each accounted for more than 10% of revenue. At September 30, 2018 and December 31, 2018 there were one demand-side platform, or DSPs, that accounted for more than 10% of outstanding accounts receivable. Legal Contingencies The Company is occasionally involved with various claims and litigation during the normal course of business. Reserves are established in connection with such matters when a loss is probable and the amount of such loss can be reasonably estimated. As of September 30, 2019 and December 31, 2018, no reserves were recorded. The determination of probability and the estimation of the actual amount of any such loss are inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation could exceed the estimated reserves, if any. Based upon the Company’s experience, current information and applicable law, it generally does not believe it is reasonably probable that any proceedings or possible related claims will have a material effect on its financial statements. 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 The Company accounts for stock-based compensation expense under FASB ASC 718, “Compensation—Stock Compensation,” which requires the measurement and recognition of stock-based compensation expense based on estimated fair values, for all stock-based payment awards made to employees, and FASB ASC 505-50, “Equity-Based Payments to Non-Employees,” which requires the measurement and recognition of stock-based compensation expense based on the estimated fair value of services or goods being received, for all stock-based payment awards made to other service providers and non-employees. The Company measures its stock-based payment awards based on its estimate of the fair value of such awards using an option-pricing model, for stock option awards, and the fair value of the Company’s common stock on the date of grant, for restricted stock unit awards. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s consolidated statements of operations. The Company recognizes compensation expenses for the value of its stock-based payment awards, using the straight-line method, over the requisite service period of each of the awards, net of actual forfeitures. In the event of modification of the conditions on which stock-based payment awards were granted, an additional expense is recognized for any modification that increases the total fair value of the stock-based payment arrangement or is otherwise beneficial to the employee, other service provider or non-employee at the modification date. During the nine months ended September 30, 2019, the Company modified certain stock awards, resulting in the recognition of stock-based compensation of $383 during the period. Recently Issued Accounting Pronouncements FASB Accounting Standards Update No. 2018-15 - Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40) In August 2018, Financial Accounting Standards Board, ("FASB") issued an Accounting Standards Update, ("ASU") No. 2018-15 Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The requirement is for public business entities to apply the guidance to annual reporting periods beginning after December 15, 2019 with early adoption permitted, including interim periods. The Company does not believe adoption of this amendment will have a material impact on the Company's condensed consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2018-13 - Fair Value Measurement (Topic 820) In August 2018, FASB issued ASU No. 2018-13 Fair Value Measurements (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the update modify the disclosure requirements on fair value measurements in Topic 820, including the removal, modification and additions of certain disclosure requirements for Level 3 fair value measurements and for transfers between Level 1 and Level 2 of the fair value hierarchy. The requirement is for all entities that are required to make disclosures about recurring or nonrecurring fair value measurements to apply the guidance to annual reporting periods beginning after December 15, 2019 with early adoption permitted for any modified or removed disclosures only. The Company does not believe adoption of this amendment will have a material impact on the Company's condensed consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2018-07 - Improvements to Nonemployee Share-Based Payment Accounting (Topic 718) In June 2018, FASB issued an ASU No. 2018-07 Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The amendment simplifies the accounting for equity based payments to nonemployees by expanding the scope of Topic 718 to include nonemployees. Public business entities are required to apply the guidance to annual reporting periods beginning after December 15, 2018 with early adoption permitted, including interim periods. The Company has adopted this update with no material impact to the Company's condensed consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220) In February 2018, FASB issued an ASU No. 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Public business entities are required to apply the guidance to annual reporting periods beginning after December 15, 2018 with early adoption permitted, including the interim periods. The Company adopted this update with no material impact to the Company's condensed consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2016-02 — Leases (Topic 842) In February 2016, the FASB issued ASU No. 2016-02, Leases, which clarifies and improves existing authoritative guidance related to leasing transactions. This ASU will require the recognition of lease assets and liabilities for operating leases with terms of more than 12 months. This update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company implemented this guidance in the first quarter of 2019 using the modified retrospective transition method and will not restate comparative periods. Refer to note 9 - ASC 842 (Leases) for more information.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	On June 8, 2018, the Company acquired all of the outstanding shares of SlimCut, a video technology solutions company serving premium publishers in Canada and France, pursuant to a stock purchase agreement between the Company and the sellers identified therein. As consideration for the acquisition, the Company made an initial payment to the sellers of $5,458, subject to certain adjustments set forth in the purchase agreement, and was required to make a second payment of $500, subject to adjustment or holdback, on March 31, 2019 (the “Holdback Amount”). In addition, the sellers were eligible to receive future cash payments up to $1,500 based on achieving certain financial milestones of SlimCut during fiscal year 2018. The fair value of the contingent consideration as of June 8, 2018 was $1,443 and was included in the purchase price of SlimCut. The Company re-measured the estimated fair value of the contingent consideration at June 30, 2018 and September 30, 2018 with no material changes noted. As of December 31, 2018, the financial milestones were achieved and the fair value of the contingent consideration was adjusted to $1,500, which resulted in $57 in mark-to-market expense at year-end. During the first quarter ended March 31, 2019, the contingent consideration on the acquisition was paid in full. In addition, during the first quarter ended March 31, 2019, the Company released the Holdback Amount in the amount of $472.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	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, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 27,125 $ — $ — $ 27,125 $ 28,672 $ — $ — $ 28,672 Total assets $ 27,125 $ — $ — $ 27,125 $ 28,672 $ — $ — $ 28,672 Liabilities: Contingent consideration on acquisition liability (2) $ — $ — $ — $ — $ — $ — $ 1,500 $ 1,500 Total liabilities $ — $ — $ — $ — $ — $ — $ 1,500 $ 1,500 (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 their fair value. Amounts above do not include $38,624 and $18,987 of operating cash balances as of September 30, 2019 and December 31, 2018, respectively. (2) On June 8, 2018, the Company acquired all of the outstanding shares of SlimCut. In connection with the acquisition, the former stockholders of SlimCut were eligible to receive future cash payments contingent on the operating performance of SlimCut in reaching certain financial milestones. In estimating the fair value of the contingent consideration on the date of acquisition, the Company used a Monte-Carlo valuation model based on future expectations of reaching financial milestones, other management assumptions (including operating results, business plans, anticipated future cash flows, and marketplace data), 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. The Company re-measured the estimated fair value of the contingent consideration at June 30, 2018 and September 30, 2018 with no material changes noted. As of December 31, 2018, the financial milestones were achieved and the fair value of the contingent consideration was adjusted to $1,500, which resulted in $57 in mark-to-market expense at year-end. During the quarter ended March 31, 2019, contingent consideration on the acquisition was fully paid. Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) 2019 Beginning Balance at January 1, 2019 $ 1,500 Contingent consideration paid (SlimCut Acquisition) (1,500) Balance as of September 30, 2019 $ —

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangibles Assets, Net Goodwill includes the cost of the acquired business in excess of the fair value of the tangible net assets recorded in connection with the acquisition of SlimCut (see Note 3 – Acquisitions) as well as the acquisition of The Video Network Pty Ltd, an Australian proprietary limited company, that occurred in 2015. Accounting Standards Codification 350, “Intangibles – Goodwill and Other” (“ASC 350”), requires the Company to assess goodwill for impairment annually or more frequently if a triggering event occurs. The Company operates as one operating and reporting segment and, therefore, the Company assesses goodwill for impairment annually as one singular reporting unit. The Company has the option to assess goodwill for impairment by first performing a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If the Company determines that it is not more-likely-than not that the fair value of a reporting unit exceeds its carrying amount, then the two-step goodwill impairment test is not required to be performed. During the fourth quarter of 2018, the Company performed a qualitative assessment of the reporting unit's fair value which included assessing the impact of certain factors such as general economic conditions, limitations on accessing capital, changes in forecasted operating results, and fluctuations in foreign exchange rates. Based on the qualitative assessment, the Company concluded that it was more-likely-than-not that the estimated fair value of the Company's reporting unit exceeded its carrying value and thus, the Company did not proceed to the two-step goodwill impairment test. The Company did not identify any impairment of its goodwill as of September 30, 2019 and December 31, 2018, and therefore, for the three and nine months ended September 30, 2019 and for the year ended December 31, 2018, no impairment losses related to goodwill were recorded. The change in the carrying amount of goodwill as of September 30, 2019 is as follows: 2019 Beginning balance as of January 1, 2019 $ 9,478 Foreign exchange impact (201) Ending Balance as of September 30, 2019 $ 9,277 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 its 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. The Company did not identify any impairment of intangible assets as of September 30, 2019 and December 31, 2018, and therefore, for the three and nine months ended September 30, 2019 and for the year ended December 31, 2018, no impairment losses related to intangible assets were recorded. Information regarding the Company’s acquisition-related intangible assets, net is as follows: September 30, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 4,581 $ (1,665) $ 2,916 Technology 928 (243) 685 Total acquisition-related intangible assets, net $ 5,509 $ (1,908) $ 3,601 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 4,797 $ (1,283) $ 3,514 Technology 973 (108) 865 Total acquisition-related intangible assets, net $ 5,770 $ (1,391) $ 4,379 Amortization expense for the three and nine months ended September 30, 2019 was $195 and $596, respectively. For the three and nine months ended September 30, 2018 amortization expense was $206 and $417 respectively. Amortization of customer relationships is recorded in operating expense on the consolidated statements of operations. Amortization expense of technology is recorded as amortization expense in cost of revenue. The estimated future amortization expense for intangibles subject to amortization for the next five years and thereafter is as follows: 2019 (three months remaining) 191 2020 770 2021 639 2022 455 2023 351 2024 and thereafter 1,195

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	9 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses The Company records accounts payable and accrued expenses at cost when the service is provided or when the related product is delivered. The Company’s accounts payable and accrued expenses consist of the following: September 30, 2019 December 31, 2018 Trade accounts payable $ 121,695 $ 95,028 Accrued compensation, benefits and payroll taxes 5,630 5,468 Accrued cost of revenue 7,573 7,127 Other payables and accrued expenses 2,748 2,368 Total accounts payable and accrued expenses $ 137,646 $ 109,991

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Loss	Changes in Accumulated Other Comprehensive Loss The following tables provide the components of accumulated other comprehensive loss: Three Months Ended September 30, Nine Months Ended 2019 2018 2019 2018 Foreign Currency Translation Adjustment Foreign Currency Translation Adjustment Foreign Currency Translation Adjustment Foreign Currency Translation Adjustment Balance at beginning of the period $ (969) $ (504) (949) (232) Other comprehensive income (loss) (1) 140 (145) 120 (417) Balance as of September 30, 2019 $ (829) $ (649) (829) $ (649) (1)

Net Loss Per Share of Common St

Net Loss Per Share of Common Stock	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Loss Per Share of Common Stock	Net Loss Per Share of Common Stock Three Months Ended September 30, Nine Months Ended 2019 2018 2019 2018 Numerator: Loss from continuing operations, net of income taxes $ (2,801) $ (1,581) $ (8,617) $ (10,665) Total loss from discontinued operations, net of income taxes — — — (136) Net loss $ (2,801) $ (1,581) $ (8,617) $ (10,801) Denominator: Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share 46,158,465 52,716,626 45,579,435 52,265,228 Basic and diluted loss per share: Net loss from continuing operations (0.06) (0.03) (0.19) (0.21) Net loss $ (0.06) $ (0.03) $ (0.19) $ (0.21) The following securities were outstanding during the periods presented below and have been excluded from the calculation of diluted net loss from continuing operations per share because the effect is anti-dilutive. Three Months Ended September 30, Nine Months Ended 2019 2018 2019 2018 Stock option awards 5,513,932 2,347,045 5,513,932 2,347,045 Restricted stock unit awards 2,655,788 6,554,864 2,655,788 6,554,864 Total anti-dilutive securities 8,169,720 8,901,909 8,169,720 8,901,909

ASU 842 - Leases

ASU 842 - Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
ASU 842 - Leases	Adoption of ASC Topic 842, Leases On January 1, 2019, the Company adopted ASC Topic 842 using the modified retrospective transition method. Topic 842 requires the recognition of lease assets and liabilities for operating leases. Beginning on January 1, 2019, the Company's condensed consolidated financial statements are presented in accordance with the revised policies, while prior period amounts are not adjusted and continue to be reported in accordance with the Company's historical policies. The modified retrospective transition method required the cumulative effect, if any, of initially applying the guidance to be recognized as an adjustment to the Company's accumulated deficit as of our adoption date. There was no cumulative effect adjustment to the Company's accumulated deficit as a result of initially applying the guidance. As a result of adopting Topic 842, the Company recognized additional operating lease assets of $26,449 and operating lease liabilities of $32,932 as of January 1, 2019. The discount rate used to calculate the adjustments was the Company's incremental borrowing rate applied as of the adoption date of January 1, 2019. Management elected the package of practical expedients permitted under the transition guidance within Topic 842, which allowed the Company to carry forward prior conclusions about lease identification, classification and initial direct costs for leases entered into prior to adoption of Topic 842. Additionally, management elected not to separate lease and non-lease components for all of the Company's leases. For leases with a term of 12 months or less, management elected the short-term lease exemption, which allowed the Company to not recognize right-of-use assets or lease liabilities for qualifying leases existing at transition and new leases the Company may enter into in the future. General Description of Leases The Company has entered into various non-cancelable operating lease agreements for its facilities. The Company classifies leases at their commencement as either operating or finance leases and may receive renewal or expansion options, rent holidays and leasehold improvement or other incentives on certain lease agreements. The Company’s operating leases primarily consist of leases for real estate throughout the world with lease expirations between 2019 and 2029. These arrangements typically do not transfer ownership of the underlying asset as the Company does not assume, nor does it intend to assume, the risks and rewards of ownership. The Company recognizes a right-of-use asset and lease liability for all of its leases at the commencement of the lease. Lease liabilities are measured based on the present value of the minimum lease payments discounted by a rate determined as of the date of commencement. Right-of-use assets are measured based on the lease liability adjusted for any initial direct costs, prepaid rent, and lease incentives. The following summarizes right-of-use assets as of September 30, 2019. September 30, 2019 Total operating lease right-of-use asset, gross $ 27,097 Less: accumulated amortization (2,965) Operating lease right-of-use asset, net $ 24,132 Significant Assumptions and Judgments Significant judgment is required when determining whether a contract is or contains a lease. The Company reviews contracts to determine whether the language conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As discussed above, the present value of minimum lease payments is used in determining the value of the Company's operating and finance leases. The discount rate used to calculate the present value for lease payments is the Company's incremental borrowing rate, which is determined based on information available at lease commencement and is equal to the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. The incremental borrowing rate used for our lease obligations as of September 30, 2019 and January 1, 2019 ranged from 4.08% to 7.36%. As of September 30, 2019, the weighted-average remaining lease term for our operating leases was 6.62 years. As of September 30, 2019, the weighted-average discount rate for our operating leases was 6.83%. The following table summarizes the Company's lease cost and sublease income for the three and nine months ended September 30, 2019: Three months ended September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 1,518 $ 4,547 Variable lease cost 176 515 Short-term lease cost 92 272 Sublease income, gross (1,111) (3,219) Total lease cost $ 675 $ 2,115 As of September 30, 2019, the future payments under the Company's operating leases for each of the next five years and thereafter are as follows: Total Remaining in 2019 $ 1,712 2020 6,927 2021 5,776 2022 5,076 2023 5,092 2024 and thereafter 13,197 Total minimum lease payments $ 37,780 Less: imputed interest (7,715) Present value of minimum lease payments $ 30,065 Less: current portion of operating lease obligations (5,078) Total long-term lease obligations $ 24,987

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates The preparation of the Company’s Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers cash deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents. The fair value of the Company’s cash and cash equivalents approximates their cost plus accrued interest because of the short-term nature of the instruments.
Accounts Receivable	Accounts Receivable The Company extends credit to customers and generally does not require any security or collateral. Accounts receivable are recorded at the invoiced amount. The Company carries its accounts receivable balances at net realizable value. Management evaluates the collectability of its accounts receivable balances on a periodic basis and determines whether to provide an allowance or if any accounts should be written down and charged to expense as bad debt. The evaluation is based on a past history of collections, current credit conditions, the length of time the account is past due and a past history of write-downs. An accounts receivable balance is considered past due if the Company has not received payments based on agreed-upon terms.
Revenue Recognition	Revenue RecognitionThe Company primarily generates revenue on a transactional basis where it is paid by a publisher each time an advertising impression is monetized on its platform based on a simple and transparent fee structure that the Company establishes with its publisher partners. The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company is acting as the principal or an agent in the transaction. In determining whether the Company is acting as the principal or an agent, the Company followed the accounting guidance for principal-agent considerations. The determination of whether the Company is acting as a principal or an agent in a transaction involves judgment and is based on an evaluation of the terms of each arrangement, none of which are considered presumptive or determinative. For substantially all publisher transactions on the Company's platform, the Company reports revenue on a net basis as the Company determined that it acts as an agent for publishers and is not the primary obligor in such transactions, given that: (1) another party is primarily responsible for fulfilling the contract and the Company does not have discretion in establishing prices and (2) the Company does not generally take on inventory risk. However, for certain transactions, the Company reports revenue on a gross basis, based primarily on its determination that the Company acts as the primary obligor in the delivery of advertising campaigns for buyers with respect to such transactions.
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.
Legal Contingencies	Legal Contingencies The Company is occasionally involved with various claims and litigation during the normal course of business. Reserves are established in connection with such matters when a loss is probable and the amount of such loss can be reasonably estimated. As of September 30, 2019 and December 31, 2018, no reserves were recorded. The determination of probability and the estimation of the actual amount of any such loss are inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation could exceed the estimated reserves, if any. Based upon the Company’s experience, current information and applicable law, it generally does not believe it is reasonably probable that any proceedings or possible related claims will have a material effect on its financial statements. 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 The Company accounts for stock-based compensation expense under FASB ASC 718, “Compensation—Stock Compensation,” which requires the measurement and recognition of stock-based compensation expense based on estimated fair values, for all stock-based payment awards made to employees, and FASB ASC 505-50, “Equity-Based Payments to Non-Employees,” which requires the measurement and recognition of stock-based compensation expense based on the estimated fair value of services or goods being received, for all stock-based payment awards made to other service providers and non-employees. The Company measures its stock-based payment awards based on its estimate of the fair value of such awards using an option-pricing model, for stock option awards, and the fair value of the Company’s common stock on the date of grant, for restricted stock unit awards. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s consolidated statements of operations.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements FASB Accounting Standards Update No. 2018-15 - Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40) In August 2018, Financial Accounting Standards Board, ("FASB") issued an Accounting Standards Update, ("ASU") No. 2018-15 Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendments in this update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The requirement is for public business entities to apply the guidance to annual reporting periods beginning after December 15, 2019 with early adoption permitted, including interim periods. The Company does not believe adoption of this amendment will have a material impact on the Company's condensed consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2018-13 - Fair Value Measurement (Topic 820) In August 2018, FASB issued ASU No. 2018-13 Fair Value Measurements (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the update modify the disclosure requirements on fair value measurements in Topic 820, including the removal, modification and additions of certain disclosure requirements for Level 3 fair value measurements and for transfers between Level 1 and Level 2 of the fair value hierarchy. The requirement is for all entities that are required to make disclosures about recurring or nonrecurring fair value measurements to apply the guidance to annual reporting periods beginning after December 15, 2019 with early adoption permitted for any modified or removed disclosures only. The Company does not believe adoption of this amendment will have a material impact on the Company's condensed consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2018-07 - Improvements to Nonemployee Share-Based Payment Accounting (Topic 718) In June 2018, FASB issued an ASU No. 2018-07 Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The amendment simplifies the accounting for equity based payments to nonemployees by expanding the scope of Topic 718 to include nonemployees. Public business entities are required to apply the guidance to annual reporting periods beginning after December 15, 2018 with early adoption permitted, including interim periods. The Company has adopted this update with no material impact to the Company's condensed consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2018-02 - Income Statement - Reporting Comprehensive Income (Topic 220) In February 2018, FASB issued an ASU No. 2018-02 Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The ASU allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Public business entities are required to apply the guidance to annual reporting periods beginning after December 15, 2018 with early adoption permitted, including the interim periods. The Company adopted this update with no material impact to the Company's condensed consolidated financial statements and related disclosures. FASB Accounting Standards Update No. 2016-02 — Leases (Topic 842) In February 2016, the FASB issued ASU No. 2016-02, Leases, which clarifies and improves existing authoritative guidance related to leasing transactions. This ASU will require the recognition of lease assets and liabilities for operating leases with terms of more than 12 months. This update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company implemented this guidance in the first quarter of 2019 using the modified retrospective transition method and will not restate comparative periods. Refer to note 9 - ASC 842 (Leases) for more information.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of the assets and liabilities measured at fair value on a recurring basis	Assets and Liabilities Measured at Fair Value on a Recurring Basis September 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Money market funds (1) $ 27,125 $ — $ — $ 27,125 $ 28,672 $ — $ — $ 28,672 Total assets $ 27,125 $ — $ — $ 27,125 $ 28,672 $ — $ — $ 28,672 Liabilities: Contingent consideration on acquisition liability (2) $ — $ — $ — $ — $ — $ — $ 1,500 $ 1,500 Total liabilities $ — $ — $ — $ — $ — $ — $ 1,500 $ 1,500 (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 their fair value. Amounts above do not include $38,624 and $18,987 of operating cash balances as of September 30, 2019 and December 31, 2018, respectively. (2) On June 8, 2018, the Company acquired all of the outstanding shares of SlimCut. In connection with the acquisition, the former stockholders of SlimCut were eligible to receive future cash payments contingent on the operating performance of SlimCut in reaching certain financial milestones. In estimating the fair value of the contingent consideration on the date of acquisition, the Company used a Monte-Carlo valuation model based on future expectations of reaching financial milestones, other management assumptions (including operating results, business plans, anticipated future cash flows, and marketplace data), and the weighted-probabilities of possible payments. These assumptions were based on significant
Schedule of reconciliation of liabilities measured on recurring basis using unobservable inputs	Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) 2019 Beginning Balance at January 1, 2019 $ 1,500 Contingent consideration paid (SlimCut Acquisition) (1,500) Balance as of September 30, 2019 $ —

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The change in the carrying amount of goodwill as of September 30, 2019 is as follows: 2019 Beginning balance as of January 1, 2019 $ 9,478 Foreign exchange impact (201) Ending Balance as of September 30, 2019 $ 9,277
Schedule of acquisition-related intangible assets	Information regarding the Company’s acquisition-related intangible assets, net is as follows: September 30, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 4,581 $ (1,665) $ 2,916 Technology 928 (243) 685 Total acquisition-related intangible assets, net $ 5,509 $ (1,908) $ 3,601 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 4,797 $ (1,283) $ 3,514 Technology 973 (108) 865 Total acquisition-related intangible assets, net $ 5,770 $ (1,391) $ 4,379
Schedule of estimated future amortization expense	The estimated future amortization expense for intangibles subject to amortization for the next five years and thereafter is as follows: 2019 (three months remaining) 191 2020 770 2021 639 2022 455 2023 351 2024 and thereafter 1,195

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	The Company records accounts payable and accrued expenses at cost when the service is provided or when the related product is delivered. The Company’s accounts payable and accrued expenses consist of the following: September 30, 2019 December 31, 2018 Trade accounts payable $ 121,695 $ 95,028 Accrued compensation, benefits and payroll taxes 5,630 5,468 Accrued cost of revenue 7,573 7,127 Other payables and accrued expenses 2,748 2,368 Total accounts payable and accrued expenses $ 137,646 $ 109,991

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of components of accumulated other comprehensive loss	The following tables provide the components of accumulated other comprehensive loss: Three Months Ended September 30, Nine Months Ended 2019 2018 2019 2018 Foreign Currency Translation Adjustment Foreign Currency Translation Adjustment Foreign Currency Translation Adjustment Foreign Currency Translation Adjustment Balance at beginning of the period $ (969) $ (504) (949) (232) Other comprehensive income (loss) (1) 140 (145) 120 (417) Balance as of September 30, 2019 $ (829) $ (649) (829) $ (649) (1)

Net Loss Per Share of Common _2

Net Loss Per Share of Common Stock (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Schedule of basic and diluted net loss per share attributable to common stockholders	Net Loss Per Share of Common Stock Three Months Ended September 30, Nine Months Ended 2019 2018 2019 2018 Numerator: Loss from continuing operations, net of income taxes $ (2,801) $ (1,581) $ (8,617) $ (10,665) Total loss from discontinued operations, net of income taxes — — — (136) Net loss $ (2,801) $ (1,581) $ (8,617) $ (10,801) Denominator: Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share 46,158,465 52,716,626 45,579,435 52,265,228 Basic and diluted loss per share: Net loss from continuing operations (0.06) (0.03) (0.19) (0.21) Net loss $ (0.06) $ (0.03) $ (0.19) $ (0.21)
Schedule of securities excluded from the calculation of diluted net loss per share of common stock	The following securities were outstanding during the periods presented below and have been excluded from the calculation of diluted net loss from continuing operations per share because the effect is anti-dilutive. Three Months Ended September 30, Nine Months Ended 2019 2018 2019 2018 Stock option awards 5,513,932 2,347,045 5,513,932 2,347,045 Restricted stock unit awards 2,655,788 6,554,864 2,655,788 6,554,864 Total anti-dilutive securities 8,169,720 8,901,909 8,169,720 8,901,909

ASU 842 - Leases (Tables)

ASU 842 - Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Schedule of carrying value of right-of-use assets	The following summarizes right-of-use assets as of September 30, 2019. September 30, 2019 Total operating lease right-of-use asset, gross $ 27,097 Less: accumulated amortization (2,965) Operating lease right-of-use asset, net $ 24,132
Schedule of lease cost and sublease income	The following table summarizes the Company's lease cost and sublease income for the three and nine months ended September 30, 2019: Three months ended September 30, 2019 Nine months ended September 30, 2019 Operating lease cost $ 1,518 $ 4,547 Variable lease cost 176 515 Short-term lease cost 92 272 Sublease income, gross (1,111) (3,219) Total lease cost $ 675 $ 2,115
Schedule of future payments under operating leases	As of September 30, 2019, the future payments under the Company's operating leases for each of the next five years and thereafter are as follows: Total Remaining in 2019 $ 1,712 2020 6,927 2021 5,776 2022 5,076 2023 5,092 2024 and thereafter 13,197 Total minimum lease payments $ 37,780 Less: imputed interest (7,715) Present value of minimum lease payments $ 30,065 Less: current portion of operating lease obligations (5,078) Total long-term lease obligations $ 24,987

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Credit Facility (Details) - Credit Agreement - Line of Credit - USD ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Line of Credit Facility [Line Items]
Borrowing capacity	$ 25,000,000
Borrowing base as percentage of eligible accounts receivable (percent)	80.00%
Unused borrowing capacity commitment fee (percent)	0.35%
Outstanding borrowings	$ 0	$ 0
Financial covenant, minimum unrestricted and unencumbered cash	25,000,000
Silicon Valley Bank
Line of Credit Facility [Line Items]
Outstanding letters of credit	$ 3,200,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Concentrations of Credit Risk (Details)	9 Months Ended
	Sep. 30, 2019
Accounts receivable | DSP | Top Three DSPs
Concentration Risk [Line Items]
Concentration risk (percent)	52.00%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Stock-Based Compensation Modification (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Accounting Policies [Abstract]
Stock-based compensation related to modification of grant	$ 383

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jun. 08, 2018	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2019
Business Acquisition [Line Items]
Contingent consideration on acquisition			$ 1,500	$ 0
SlimCut
Business Acquisition [Line Items]
Payments to acquire business	$ 5,458
Required second payment per agreement, subject to holdback adjustment		$ 500
Eligible future cash payments based on certain financial milestones (maximum)			1,500
Contingent consideration on acquisition	$ 1,443
Mark to market expense			$ 57
Release of holdback amount		$ 472

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Liabilities:
Operating cash balances not included in fair value table	$ 38,624	$ 18,987
Recurring Basis
Assets:
Money market funds	27,125	28,672
Total assets	27,125	28,672
Liabilities:
Contingent consideration on acquisition liability	0	1,500
Total liabilities	0	1,500
Recurring Basis | Level 1
Assets:
Money market funds	27,125	28,672
Total assets	27,125	28,672
Liabilities:
Contingent consideration on acquisition liability	0	0
Total liabilities	0	0
Recurring Basis | Level 2
Assets:
Money market funds	0	0
Total assets	0	0
Liabilities:
Contingent consideration on acquisition liability	0	0
Total liabilities	0	0
Recurring Basis | Level 3
Assets:
Money market funds	0	0
Total assets	0	0
Liabilities:
Contingent consideration on acquisition liability	0	1,500
Total liabilities	$ 0	$ 1,500

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - SlimCut $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Fair Value Measurements
Eligible future cash payments based on certain financial milestones (maximum)	$ 1,500
Mark to market expense	$ 57

Fair Value Measurements - Unobs

Fair Value Measurements - Unobservable Inputs Reconciliation (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
Beginning Balance at January 1, 2019	$ 1,500
Contingent consideration paid (SlimCut Acquisition)	(1,500)
Balance as of September 30, 2019	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)reporting_unitsegment	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segments | segment			1
Number of reportable segments | segment			1
Number of reporting units | reporting_unit			1
Goodwill impairment loss	$ 0		$ 0		$ 0
Impairment of intangible assets	0		0		$ 0
Amortization expense	$ 195,000	$ 206,000	$ 596,000	$ 417,000

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Summary of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Goodwill [Roll Forward]
Beginning balance as of January 1, 2019	$ 9,478
Foreign exchange impact	(201)
Ending Balance as of September 30, 2019	$ 9,277

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Acquisition-Related Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,509	$ 5,770
Accumulated Amortization	(1,908)	(1,391)
Net Carrying Amount	3,601	4,379
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	4,581	4,797
Accumulated Amortization	(1,665)	(1,283)
Net Carrying Amount	2,916	3,514
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	928	973
Accumulated Amortization	(243)	(108)
Net Carrying Amount	$ 685	$ 865

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Estimated Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2019USD ($)
Estimated Future Amortization Expense
2019 (three months remaining)	$ 191
2020	770
2021	639
2022	455
2023	351
2024 and thereafter	$ 1,195

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Trade accounts payable	$ 121,695	$ 95,028
Accrued compensation, benefits and payroll taxes	5,630	5,468
Accrued cost of revenue	7,573	7,127
Other payables and accrued expenses	2,748	2,368
Total accounts payable and accrued expenses	$ 137,646	$ 109,991

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Changes in accumulated other comprehensive (loss) income
Balance at beginning of period	$ 54,990,000	$ 75,885,000	$ 54,395,000	$ 83,139,000
Other comprehensive income (loss)	140,000	(145,000)	120,000	(417,000)
Balance at end of period	56,136,000	75,809,000	56,136,000	75,809,000
Reclassifications from accumulated other comprehensive loss	0	0	0	0
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive (loss) income
Balance at beginning of period	(969,000)	(504,000)	(949,000)	(232,000)
Balance at end of period	$ (829,000)	$ (649,000)	$ (829,000)	$ (649,000)

Net Loss Per Share of Common _3

Net Loss Per Share of Common Stock - Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Loss from continuing operations, net of income taxes	$ (2,801)			$ (1,581)			$ (8,617)	$ (10,665)
Total loss from discontinued operations, net of income taxes	0			0			0	(136)
Net loss	$ (2,801)	$ (1,484)	$ (4,333)	$ (1,581)	$ (3,119)	$ (6,101)	$ (8,617)	$ (10,801)
Denominator:
Weighted-average number of shares of common stock outstanding for basic and diluted net loss per share (shares)	46,158,465			52,716,626			45,579,435	52,265,228
Basic and diluted loss per share:
Net loss from continuing operations (usd per share)	$ (0.06)			$ (0.03)			$ (0.19)	$ (0.21)
Net loss (usd per share)	$ (0.06)			$ (0.03)			$ (0.19)	$ (0.21)

Net Loss Per Share of Common _4

Net Loss Per Share of Common Stock - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Securities excluded from the calculation of weighted average common shares outstanding
Total anti-dilutive securities (shares)	8,169,720	8,901,909	8,169,720	8,901,909
Stock option awards
Securities excluded from the calculation of weighted average common shares outstanding
Total anti-dilutive securities (shares)	5,513,932	2,347,045	5,513,932	2,347,045
Restricted stock unit awards
Securities excluded from the calculation of weighted average common shares outstanding
Total anti-dilutive securities (shares)	2,655,788	6,554,864	2,655,788	6,554,864

ASU 842 - Leases - Narrative (D

ASU 842 - Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 24,132		$ 0
Operating lease liabilities	$ 30,065
Operating leases, weighted average remaining lease term (in years)	6 years 7 months 13 days
Operating leases, weighted average discount rate (percent)	6.83%
Minimum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used for lease obligations (percent)	4.08%	4.08%
Maximum
Lessee, Lease, Description [Line Items]
Incremental borrowing rate used for lease obligations (percent)	7.36%	7.36%
ASU No. 2016-02
Lessee, Lease, Description [Line Items]
Operating lease assets		$ 26,449
Operating lease liabilities		$ 32,932

ASU 842 - Leases - Right-of-use

ASU 842 - Leases - Right-of-use Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Total operating lease right-of-use asset, gross	$ 27,097
Less: accumulated amortization	(2,965)
Operating lease right-of-use asset, net	$ 24,132	$ 0

ASU 842 - Leases - Lease Cost a

ASU 842 - Leases - Lease Cost and Sublease Income (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Lease Cost and Sublease Income
Operating lease cost	$ 1,518	$ 4,547
Variable lease cost	176	515
Short-term lease cost	92	272
Sublease income, gross	(1,111)	(3,219)
Total lease cost	$ 675	$ 2,115

ASU 842 - Leases - Future Payme

ASU 842 - Leases - Future Payments Under Operating Leases (Details) $ in Thousands	Sep. 30, 2019USD ($)
Future Payments Under Operating Leases
Remaining in 2019	$ 1,712
2020	6,927
2021	5,776
2022	5,076
2023	5,092
2024 and thereafter	13,197
Total minimum lease payments	37,780
Less: imputed interest	(7,715)
Present value of minimum lease payments	30,065
Less: current portion of operating lease obligations	(5,078)
Total long-term lease obligations	$ 24,987